The Efficiency and Mobility of International Capital Flows: 1950-2006
Mark Wright and
Lee Ohanian ()
No 977, 2007 Meeting Papers from Society for Economic Dynamics
Our study complements existing studies of the degree of capital mobility based on an examination of explicit capital controls (e.g. Miniane 2004), the quantity of capital flows (Obstfeld & Taylor 2004), the relationship between investment and savings (e.g. Feldstein & Horioka 1980), cross country consumption correlations (e.g. Lewis 2000), and estimates of the marginal product of capital at a single point in time (e.g. Caselli and Feyrer 2006), who find that marginal products today are quite similar across countries.
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