Trade and Capital Flows: A Financial Frictions Perspective
指出，在金融发展水平不同的国家，贸易与资本流动的关系并非替代而是互补：贸易一体化会提高金融欠发达国家的资本回报，吸引更多资本流入，因此保护主义可能适得其反。
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, a very different conclusion emerges. In particular, in less financially developed economies (South), trade and capital mobility are complements in the sense that trade integration increases the return to capital and thus the incentives for capital to flow to South. 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. (c) 2009 by The University of Chicago. All rights reserved.