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	A Solution to Two Paradoxes of International Capital Flows
	JIANDONG JU ; SHANG-JIN WEI ; JIANDONG JU ; SHANG-JIN WEI
	2016-03-30 ; 2016-03-30
关键词	capital bypass circulation expropriation risk gross capital flow heterogeneous entrepreneurs financial development F831.7
其他题名	A Solution to Two Paradoxes of International Capital Flows
中文摘要	International capital flows from rich to poor countries can be regarded as either too small(the Lucas paradox in a one-sector model)or too large(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 trade in goods does not imply equal returns to capital across countries.In addition,rich patterns of gross capital flows emerge as a function of financial and property rights institutions.A poor country with an inefficient financial system may simultaneously experience an outflow of financial capital but an inflow of FDI,resulting in a small net flow.In comparison,a country with a low capital-to-labor ratio but a high risk of expropriation may experience an outflow of financial capital without a compensating inflow of FDI.; International capital flows from rich to poor countries can be regarded as either too small(the Lucas paradox in a one-sector model) or too large(when compared with the logic of factor price equalization in a two-sector model).To resolve the paradoxes,we introduce a non-neo- classical model which features financial contracts and firm heterogeneity.In our model,free trade in goods does not imply equal returns to capital across countries.In addition,rich patterns of gross capital flows emerge as a function of financial and property rights institutions.A poor country with an inefficient financial system may simultaneously experience an outflow of financial capital but an inflow of FDI,resulting in a small net flow.In comparison,a country with a low capital-to-labor ratio but a high risk of expropriation may experience an outflow of financial capital without a compensating inflow of FDI.
语种	英语 ; 英语
内容类型	期刊论文
源URL	[http://ir.lib.tsinghua.edu.cn/ir/item.do?handle=123456789/145734]
专题	清华大学
推荐引用方式 GB/T 7714	JIANDONG JU,SHANG-JIN WEI,JIANDONG JU,et al. A Solution to Two Paradoxes of International Capital Flows[J],2016, 2016.
APA	JIANDONG JU,SHANG-JIN WEI,JIANDONG JU,&SHANG-JIN WEI.(2016).A Solution to Two Paradoxes of International Capital Flows..
MLA	JIANDONG JU,et al."A Solution to Two Paradoxes of International Capital Flows".(2016).

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