on productivity spillovers, i.e., technological externalities. In this paper we emphasise that pecuniary externalities …

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 …

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 …

The textbook neoclassical growth model predicts that countries with faster productivity growth should invest more and …