A Solution to Two Paradoxes of International Capital Flow /

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International capital flows from rich to poor countries can be regarded as either too low (the Lucas paradox in a one-sector model) or too high (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neoclassical model which fea...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Wei, Shang-Jin
Autor Corporativo: International Monetary Fund
Otros Autores: Ju, Jiandong
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington, D.C. : International Monetary Fund, 2006.
Colección:IMF Working Papers ; Working Paper no. 06/178.
Temas:
Capital movements > Mathematical models.
International finance.
Mouvements de capitaux > Modèles mathématiques.
Capital movements > Mathematical models
International finance
Acceso en línea:Texto completo

MARC

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245 1 2 |a A Solution to Two Paradoxes of International Capital Flow /  |c Wei, Shang-Jin. 
260 |a Washington, D.C. :  |b International Monetary Fund,  |c 2006. 
300 |a 1 online resource (39 pages) 
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490 1 |a IMF Working Papers,  |x 2227-8885 ;  |v Working Paper No. 06/178 
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520 3 |a International capital flows from rich to poor countries can be regarded as either too low (the Lucas paradox in a one-sector model) or too high (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neoclassical model which features financial contracts and firm heterogeneity. In our model, free patterns of gross capital flow emerge as a function of the quality of the financial system and the level of protection for property rights(i.e., the risk of expropriation. A poor country with an inefficient financial system but a low expropriation risk may simultaneously experience an outflow of financial capital but an inflow of foreign direct investment (FDI), resulting in a small net flow. 
505 0 |a Contents -- I. Introduction -- II. Paradoxes of International Capital Flows -- III. The Model -- IV. Aggregation and Equilibrium Conditions -- V. Comparative Statics -- VI. Free Trade and Capital Flows -- VII. Conclusions -- Appendix: Proofs 
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650 0 |a International finance. 
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