Industrial Structure and Capital Flows
提出一个整合要素比例贸易与金融资本流动的理论，发现资本会流向专业化于资本密集型产业的国家，这一“构成效应”可能逆转资本流向，并解释了发展中国家与发达国家之间的经常账户失衡。
This paper provides a new theory of international capital flows. In a framework that integrates factor-proportions-based trade and financial capital flows, a novel force emerges: capital tends to flow toward countries that become more specialized in capital-intensive industries. This “composition” effect competes with the standard force that channels capital toward the location where it is scarcer. If the composition effect dominates, capital flows away from the country hit by a positive labor force/productivity shock—a flow “reversal.'' Extended to a quantitative framework, the model generates sizable current account imbalances between developing and developed countries broadly consistent with the data.