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Barriers to global capital allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2021
model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated … benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …
Persistent link: https://www.econbiz.de/10012514947
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Barriers to Global Capital Allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain T. - 2021
model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated … benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …
Persistent link: https://www.econbiz.de/10013226659
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Barriers to global capital allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2024
Observed international investment positions and cross-country heterogeneity in rates of return to capital are hard to reconcile with frictionless capital markets. In this paper, we develop a theory of international capital allocation: a multi-country dynamic spatial general equilibrium model in...
Persistent link: https://www.econbiz.de/10015070015
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Barriers to global capital allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2024
Observed international investment positions and cross-country heterogeneity in rates of return to capital are hard to reconcile with frictionless capital markets. In this paper, we develop a theory of international capital allocation: a multi-country dynamic spatial general equilibrium model in...
Persistent link: https://www.econbiz.de/10015072829
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Unbalanced financial globalization
Capelle, Damien; Pellegrino, Bruno - 2023
We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a novel multi-country dynamic general equilibrium model that incorporates a demand system for international assets. We introduce, estimate and validate new country-level measures...
Persistent link: https://www.econbiz.de/10014340224
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Unbalanced Financial Globalization
Capelle, Damien; Pellegrino, Bruno - 2023
We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a novel multi-country dynamic general equilibrium model that incorporates a demand system for international assets. We introduce, estimate and validate new country-level measures...
Persistent link: https://www.econbiz.de/10014377616
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Global Liquidity : Drivers, Volatility and Toolkits
Goldberg, Linda S. - National Bureau of Economic Research - 2023
Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non-bank financial institutions - that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context...
Persistent link: https://www.econbiz.de/10014322743
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Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economies
Mohan, Rakesh; Kapur, Muneesh - Asian Development Bank Institute, Asian Development Bank - 2010
Capital flows to emerging market economies (EMEs) have been characterized by high volatility since the 1980s. In recent years (especially since 2003), although gross as well as net capital flows to the EMEs have increased, they could not be absorbed domestically. Overall, savings have flowed...
Persistent link: https://www.econbiz.de/10008489519
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The Positive Link between Financial Liberalization, Growth and Crises
Tornell, Aaron; Westermann, Frank; Martinez Trigueros, … - 2021
There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...
Persistent link: https://www.econbiz.de/10013319362
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Culture Clash : Investor’s Rights v. Cultural Heritage in International Investment Law & Arbitration
Vadi, Valentina - 2014
This study aims to explore the ‘clash of cultures’ between international investment law and international cultural law. When countries pursue economic growth, their policy makers may have an incentive to lower cultural standards to promote economic activities. If states nonetheless maintain...
Persistent link: https://www.econbiz.de/10014168582