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  1. Barriers to global capital allocation
    Autor*in: Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain
    Erschienen: May 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign asset... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
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    We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated to account for offshore investment and financing vehicles. We show that a parsimonious implementation of the model with four barriers (geographic distance, cultural distance, foreign investment taxation, and political risk) accounts for a large share of the observed variation in bilateral foreign investment positions. Our model predicts (out of sample) a significant home bias, higher rates of return on capital in emerging markets, as well as "upstream" capital flows. In our benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to a situation without barriers. We also find that barriers to global capital allocation contribute significantly to cross-country inequality: the standard deviation of log capital per employee is 80% higher than it would be in a world without barriers to international investment, while the dispersion in output per employee is 42% higher.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/235456
    Schriftenreihe: CESifo working paper ; no. 9086 (2021)
    Schlagworte: capital allocation; capital flows; foreign investment; culture; geography; gravity; international macroeconomics; international finance; misallocation; open economy
    Umfang: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  2. Demand, markups and the business cycle
    Bayesian estimation and quantitative analysis in closed and open economies
    Autor*in: Cavallari, Lilia; Etro, Federico
    Erschienen: June 2017
    Verlag:  Department of Economics, Ca’ Foscari University of Venice, Venice Italy

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Ca' Foscari University of Venice, Department of Economics ; 2017, no. 09
    Schlagworte: RBC; variable markups; non-homothetic preferences; international macroeconomics
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen