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Record Nr. |
UNINA9910956118703321 |
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Autore |
Wei Shang-Jin |
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Titolo |
A Solution to Two Paradoxes of International Capital Flows / / Shang-Jin Wei, Jiandong Ju |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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9786613824103 |
9781462309443 |
1462309445 |
9781452742069 |
1452742065 |
9781283511650 |
1283511657 |
9781451987973 |
1451987978 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (39 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Capital movements - Mathematical models |
International finance |
Balance of trade |
Capital flows |
Capital movements |
Commercial policy |
E-Commerce |
Exports and Imports |
Finance |
Foreign direct investment |
Income economics |
International economics |
International Investment |
International Trade Organizations |
Investments, Foreign |
Labor Demand |
Labor |
Labour |
Long-term Capital Movements |
Retail and Wholesale Trade |
Self-employed |
Self-employment |
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Trade in goods |
Trade liberalization |
Trade Policy |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di contenuto |
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""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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Sommario/riassunto |
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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 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. |
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