Productivity Growth and Capital Flows: The Dynamics of Reforms
通过一个包含异质性生产者和不发达国内金融市场的模型，解释了为什么资本不流入快速增长的国家，并揭示了改革后全要素生产率上升与资本外流并存的动态机制。
Why doesn't capital flow into fast-growing countries? Using a model with heterogeneous producers and underdeveloped domestic financial markets, we explain the joint dynamics of total factor productivity (TFP) and capital flows. When a large-scale economic reform removes preexisting idiosyncratic distortions in a small open economy, its TFP rises, driven by efficient reallocation of economic resources. At the same time, because of the domestic financial frictions, saving rates surge but investment rates respond only with a lag, resulting in capital outflows. The dynamics of TFP, capital flows, and idiosyncratic distortions in the model are consistent with what is observed during growth acceleration episodes, which often follow large-scale economic reforms.