The capital-output ratio is more than 40% lower in the poor countries than in the richest ones. Comparing TFP in manufacturing and in the economy at large, we show that the Balassa-Samuelson effect explains the bulk of this scarcity: TFP in manufacturing is indeed about 40% lower than TFP in the aggregate economy. This discrepancy is one for one translated into higher prices of equipment goods, which explains that capital is scarce in volume, but not in value terms. This quantifies our interpretation of the Lucas paradox. When focusing on manufacturing, a tradable sector for which relative prices differences should not be essential, the initial paradox is actually turned into an anti-Lucas paradox: it is in the poorest countries that the ca...
The paper attempts to explain why single factor explanations of the poverty of nations are usually f...
We develop a model of two factors and two industries. Each industry contains a labor-intensive good ...
How does factor accumulation a¤ect an open economys pattern of international special-ization and ret...
The Lucas Paradox observes that capital flows predominantly to relatively rich countries, contradict...
Why does capital not flow to developing countries as predicted by the neoclassical model? What are t...
The neoclassical theory illustrates that the capital will flow from the capital-rich economies towar...
The paper attempts to explain why single factor explanations of the poverty of nations are usually f...
This paper investigates international capital flows to developing countries for the period 1970-2006...
Why doesn't capital flow to developing countries as predicted by the neoclassical model? What are th...
We examine the empirical role of different explanations for the lack of flows of capital from rich t...
We examine the empirical role of different explanations for the lack of flows of capital from rich t...
We explore explanations for the reverse capital flows from developing countries to developed ones, n...
Recent evidence shows that institutions figure prominently in explaining the ‘Lucas paradox’. Using ...
This thesis investigates the determinants of international capital flows and strives to present new ...
This paper is concerned with whether the persistence of the Lucas paradox (that unlike what the clas...
The paper attempts to explain why single factor explanations of the poverty of nations are usually f...
We develop a model of two factors and two industries. Each industry contains a labor-intensive good ...
How does factor accumulation a¤ect an open economys pattern of international special-ization and ret...
The Lucas Paradox observes that capital flows predominantly to relatively rich countries, contradict...
Why does capital not flow to developing countries as predicted by the neoclassical model? What are t...
The neoclassical theory illustrates that the capital will flow from the capital-rich economies towar...
The paper attempts to explain why single factor explanations of the poverty of nations are usually f...
This paper investigates international capital flows to developing countries for the period 1970-2006...
Why doesn't capital flow to developing countries as predicted by the neoclassical model? What are th...
We examine the empirical role of different explanations for the lack of flows of capital from rich t...
We examine the empirical role of different explanations for the lack of flows of capital from rich t...
We explore explanations for the reverse capital flows from developing countries to developed ones, n...
Recent evidence shows that institutions figure prominently in explaining the ‘Lucas paradox’. Using ...
This thesis investigates the determinants of international capital flows and strives to present new ...
This paper is concerned with whether the persistence of the Lucas paradox (that unlike what the clas...
The paper attempts to explain why single factor explanations of the poverty of nations are usually f...
We develop a model of two factors and two industries. Each industry contains a labor-intensive good ...
How does factor accumulation a¤ect an open economys pattern of international special-ization and ret...