Why doesn’t capital flow from rich to poor countries An empirical investigation:(为什么不资本从富国流向穷国实证调查).pdfVIP
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Why doesn’t capital flow from rich to poor countries An empirical investigation:(为什么不资本从富国流向穷国实证调查)
WHY DOESN’T CAPITAL FLOW FROM RICH TO POOR COUNTRIES? AN
EMPIRICAL INVESTIGATION
Laura Alfaro, Sebnem Kalemli-Ozcan, and Vadym Volosovych*
Abstract—We examine the empirical role of different explanations for the government policies, and institutional structure.1 The sec-
lack of capital flows from rich to poor countries—the “Lucas Paradox.” ond group of explanations focuses on international capital
The theoretical explanations include cross-country differences in funda-
mentals affecting productivity, and capital market imperfections. We show market imperfections, mainly sovereign risk and asymmet-
that during 1970–2000, low institutional quality is the leading explanation. ric information. Although capital has a high return in de-
Improving Peru’s institutional quality to Australia’s level implies a qua-
drupling of foreign investment. Recent studies emphasize the role of veloping countries, it does not go there because of market
institutions for achieving higher levels of income but remain silent on the failures.2 According to Lucas, international capital market
specific mechanisms. Our results indicate that foreign investment might be failures, or “political risk” as he puts it, cannot explain the
a channel through which institutions affect long-run development.
lack of flows before 1945 since during that time most of the
“third world” was subject to European legal arrangements
I. Introduction imposed through colonialism. Hence, investors in the de-
veloped countries, such
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