• 1 Introduction
  • 2 Brief Description of the Main Empirical Facts
  • 2.1 The LaborMarket
  • 2.2 Investment Flows and Capital Stocks
  • 3 Model of a Small Economy Open to Factor Flows
  • 3.1 Technology
  • 3.2 IntroducingMigration
  • 3.3 Preferences
  • 4 Estimating Aggregate Elasticities of Substitution
  • 4.1 EconometricModel
  • 4.2 Estimation Procedure
  • 5 Simulation of Wage Rates and of the Skill Premium
  • 6 A Counterfactual Exercise: Measuring the Impact of International Factor Flows onWageRates
  • 6.1 The Effects of Emigration
  • 6.2 The Effects of Foreign Investment
  • 6.3 Summary and Implications
  • 7 Concluding Remarks and Directions for Further Research
  • 8 Appendices
  • 8.1 LaborMarket Data
  • 8.2 Investment Data
  • 8.3 National Income and Product Accounts (NIPA) Data
  • 8.4 Auxiliary Estimation Procedures
  • 8.5 Sensitivity Analysis to the Definition of “Skill”