Capital Flows to the New World as an Intergenerational Transfer
研究19世纪末资本和劳动力从旧世界向新世界的大规模迁移，发现人口依赖率通过压低国内储蓄率吸引外国投资，形成旧世界储蓄者向新世界年轻储蓄者的代际转移。
The late nineteenth century saw international mass migrations of capital and labor from the Old World to the New. Factors chased each other and the abundant resources at the frontier. Demographic structure also contributed to the massive capital flows from Britain to the New World. The dependency hypothesis is confirmed by estimation of savings functions in three New World economies (Argentina, Australia, and Canada) in which high dependency rates may have significantly depressed domestic savings rates and pulled in foreign investment: in effect an intergenerational transfer from old savers in the Old World to young savers in the New. Copyright 1994 by University of Chicago Press.