This paper proposes a novel channel, i.e., within-firm intangible-tangible investment composition, through which financial capital flows may have non-trivial implications to allocative efficiency and productivity. Consider a model where only the tangibles can be pledged as collateral for loans....

This paper analyzes theoretically how trade integration affects financial capital flows in a world with heterogeneous financial development. In the presence of financial frictions and sector-specific minimum investment requirements, the static gains from trade trigger the cross-sector investment...

Improving hydrodynamic conditions is considered an effective method for facilitating the eutrophication management. However, the limiting effect of hydrodynamic conditions on algal growth has rarely been quantified. In this work, a eutrophication model was developed and flow velocity was...