Financial Development and the Patterns of International Capital Flows

• Main Authors: von Hagen, Jurgen, ZHANG, Haiping
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2010
• 主題: capital account liberalization; financial development; financial frictions; foreign direct investment; symmetry breaking; International Economics
• 在線閱讀: https://ink.library.smu.edu.sg/soe_research/1172; https://ink.library.smu.edu.sg/context/soe_research/article/2171/viewcontent/Zhang_FD.pdf

We develop a tractable, two-country, overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries while foreign dire...