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Barriers to global capital allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2021
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 … benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …
Persistent link: https://www.econbiz.de/10012514947
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Barriers to global capital allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2024
Observed international investment positions and cross-country heterogeneity in rates of return to capital are hard to reconcile with frictionless capital markets. In this paper, we develop a theory of international capital allocation: a multi-country dynamic spatial general equilibrium model in...
Persistent link: https://www.econbiz.de/10015070015
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Barriers to Global Capital Allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain T. - 2021
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 … benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …
Persistent link: https://www.econbiz.de/10013226659
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Unbalanced financial globalization
Capelle, Damien; Pellegrino, Bruno - 2023
We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a novel multi-country dynamic general equilibrium model that incorporates a demand system for international assets. We introduce, estimate and validate new country-level measures...
Persistent link: https://www.econbiz.de/10014340224
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Global Liquidity : Drivers, Volatility and Toolkits
Goldberg, Linda S. - National Bureau of Economic Research - 2023
Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non-bank financial institutions - that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context...
Persistent link: https://www.econbiz.de/10014322743
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The Positive Link between Financial Liberalization, Growth and Crises
Tornell, Aaron; Westermann, Frank; Martínez Trigueros, … - 2021
There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...
Persistent link: https://www.econbiz.de/10013319362
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Culture Clash : Investor’s Rights v. Cultural Heritage in International Investment Law & Arbitration
Vadi, Valentina - 2014
This study aims to explore the ‘clash of cultures’ between international investment law and international cultural law. When countries pursue economic growth, their policy makers may have an incentive to lower cultural standards to promote economic activities. If states nonetheless maintain...
Persistent link: https://www.econbiz.de/10014168582
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Food Security, Foreign Direct Investment and Multilevel Governance in Weak States
Smith, Fiona - 2015
Attracting agro-investment is important in food deficit countries that experience low relative yields for their agricultural production. Foreign direct investment (FDI) can play a crucial role because it means that the right quantities reach food deficit areas at the right moment. However, FDI...
Persistent link: https://www.econbiz.de/10013036785
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Searching for Coherence in Trade and Investment Arbitration : Domestic Policies Under Siege
Alvarez, Jose M. - 2012
In this paper, I highlight that international investment law, as a subsystem, should evolve to accept rules from other subsystems of law, e.g., human rights, trade (WTO law and RTA law), and environmental. This proposed evolution would need to include the acceptance of new tools that would help...
Persistent link: https://www.econbiz.de/10013104002
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Systemic Integration and International Investment Law – Some Practical Reflections
Kalderimis, Daniel - 2012
This paper takes an empirical, practical approach to test the proposition that systemic integration leads to greater coherence of international law. It builds on work by Professor Campbell McLachlan and others that specific treaty-based regimes can be located in the broader context of...
Persistent link: https://www.econbiz.de/10013104090