Trade and capital flows: a financial frictions perspective
The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes, in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, the class...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13241 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes, in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, the classic conclusion does not hold. In particular, in less financially developed economies (South), trade and capital mobility are complements. Within a dynamic framework, the complementarity carries over to (financial) capital flows. This interaction implies that deepening trade integration in South raises net capital inflows (or reduces net capital outflows). It also implies that, at the global level, protectionism may backfire if the goal is to rebalance capital flows, when these are already heading from South to North. Our perspective also has implications for the effects of trade integration on factor prices. In contrast to the Heckscher-Ohlin model, trade liberalization always decreases the wage-rental in South: an anti-Stolper-Samuelson result. |
| Beschreibung: | Literaturverz. S. 33 - 34 |
| Beschreibung: | 41 S. 22 cm |
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| 520 | 8 | |a The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes, in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, the classic conclusion does not hold. In particular, in less financially developed economies (South), trade and capital mobility are complements. Within a dynamic framework, the complementarity carries over to (financial) capital flows. This interaction implies that deepening trade integration in South raises net capital inflows (or reduces net capital outflows). It also implies that, at the global level, protectionism may backfire if the goal is to rebalance capital flows, when these are already heading from South to North. Our perspective also has implications for the effects of trade integration on factor prices. In contrast to the Heckscher-Ohlin model, trade liberalization always decreases the wage-rental in South: an anti-Stolper-Samuelson result. | |
| 700 | 1 | |a Caballero, Ricardo J. |d 1959- |e Verfasser |0 (DE-588)12844987X |4 aut | |
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| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
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| spelling | Antràs, Pol 1975- Verfasser (DE-588)128734566 aut Trade and capital flows a financial frictions perspective Pol Antràs ; Ricardo J. Caballero Cambridge, Mass. National Bureau of Economic Research 2007 41 S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13241 Literaturverz. S. 33 - 34 The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes, in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, the classic conclusion does not hold. In particular, in less financially developed economies (South), trade and capital mobility are complements. Within a dynamic framework, the complementarity carries over to (financial) capital flows. This interaction implies that deepening trade integration in South raises net capital inflows (or reduces net capital outflows). It also implies that, at the global level, protectionism may backfire if the goal is to rebalance capital flows, when these are already heading from South to North. Our perspective also has implications for the effects of trade integration on factor prices. In contrast to the Heckscher-Ohlin model, trade liberalization always decreases the wage-rental in South: an anti-Stolper-Samuelson result. Caballero, Ricardo J. 1959- Verfasser (DE-588)12844987X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13241 (DE-604)BV002801238 13241 http://papers.nber.org/papers/w13241.pdf kostenfrei Volltext |
| spellingShingle | Antràs, Pol 1975- Caballero, Ricardo J. 1959- Trade and capital flows a financial frictions perspective |
| title | Trade and capital flows a financial frictions perspective |
| title_auth | Trade and capital flows a financial frictions perspective |
| title_exact_search | Trade and capital flows a financial frictions perspective |
| title_exact_search_txtP | Trade and capital flows a financial frictions perspective |
| title_full | Trade and capital flows a financial frictions perspective Pol Antràs ; Ricardo J. Caballero |
| title_fullStr | Trade and capital flows a financial frictions perspective Pol Antràs ; Ricardo J. Caballero |
| title_full_unstemmed | Trade and capital flows a financial frictions perspective Pol Antràs ; Ricardo J. Caballero |
| title_short | Trade and capital flows |
| title_sort | trade and capital flows a financial frictions perspective |
| title_sub | a financial frictions perspective |
| url | http://papers.nber.org/papers/w13241.pdf |
| volume_link | (DE-604)BV002801238 |
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