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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Graduate Institute of International and Development Studies Working Paper No. 11/2012
Verlag: 
Graduate Institute of International and Development Studies, Geneva
Zusammenfassung: 
Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account restrictions in shaping capital flows at various stages of economic development. We find that, when accounting for the degree of capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience net capital inflows and more developed countries tend to experience net capital outflows, conditional on various countries' characteristics.
Schlagwörter: 
Lucas paradox
capital flows
financial openness
economic development
JEL: 
F21
F36
O4
Dokumentart: 
Working Paper

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