| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21744 |
| 来源ID | Working Paper 21744 |
| Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America | |
| Lee E. Ohanian; Paulina Restrepo-Echavarria; Mark L. J. Wright | |
| 发表日期 | 2015-11-23 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Since 1950, the economies of East Asia grew rapidly but received little inter-national capital, while Latin America received considerable international capitaleven as their economies stagnated. The literature typically explains the failureof capital to flow to high growth regions as resulting from international capitalmarket imperfections. This paper proposes a broader thesis that country-specificdistortions, such as domestic labor and capital market distortions, also impactcapital flows. We develop a DSGE model of Asia, Latin America, and the Rest ofthe World that features an open-economy business cycle accounting framework tomeasure these domestic and international distortions, and to quantify their con-tributions to international capital flows. We find that domestic distortions havebeen the predominant drivers of international capital flows, and that the generalequilibrium effects of these distortions are very large. International capital market distortions also matter, but less. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w21744 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579419 |
| 推荐引用方式 GB/T 7714 | Lee E. Ohanian,Paulina Restrepo-Echavarria,Mark L. J. Wright. Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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