MARC Record from Library of Congress

LEADER: 01943cam a22002897a 4500
001 2007616722
003 DLC
005 20071205085647.0
007 cr |||||||||||
008 071204s2007 mau sb 000 0 eng
010 $a 2007616722
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aGourinchas, Pierre-Olivier.
245 10 $aCapital flows to developing countries$h[electronic resource] :$bthe allocation puzzle /$cPierre-Olivier Gourinchas, Olivier Jeanne.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2007.
490 1 $aNBER working paper series ;$vworking paper 13602
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 12/4/2007.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"According to the consensus view in growth and development economics, cross country differences in per-capita income largely reflect differences in countries' total factor productivity. We argue that this view has powerful implications for patterns of capital flows: everything else equal, countries with faster productivity growth should invest more, and attract more foreign capital. We then show that the pattern of net capital flows across developing countries is not consistent with this prediction. If anything, capital seems to flow more to countries that invest and grow less. We argue that this result -- which we call the allocation puzzle -- constitutes an important challenge for economic research, and discuss some possible research avenues to solve the puzzle"--National Bureau of Economic Research web site.
700 1 $aJeanne, Olivier.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 13602.
856 40 $uhttp://papers.nber.org/papers/w13602