Why Does Capital Flow to Rich States?
利用美国各州间资本流动数据检验新古典模型，发现国内资本流动符合模型预测，而国际资本流动的异常可能源于国界摩擦。
Abstract—The magnitude and the direction of net international capital flows do not fit neoclassical models. The fifty U.S. states comprise an integrated capital market with very low barriers to capital flows, which makes them an ideal testing ground for neoclassical models. We develop a simple frictionless open economy model with perfectly diversified ownership of capital and find that capital flows among the states are consistent with the model. Therefore, the small size and “wrong ” direction of net international capital flows are likely due to frictions associated with national borders, not to inherent flaws in the neoclassical model. I.