Financial integration, capital mobility, and income convergence
研究发现欧洲的金融一体化中资本从富国流向穷国，并加速了收入趋同，这与全球资本“逆流”现象不同，且欧洲经验类似美国州际资本流动。
Recent studies have found that capital moves ‘uphill’ from poor to rich countries, and brings little or no growth dividend when it does flow into poor economies. We show that Europe does not conform to this paradigm. In the European experience of financial integration, capital has flown from rich to poor countries, and such inflows have been associated with significant acceleration of income convergence. Analysing broader samples of countries, we find that ‘downhill’ capital flows tend to be observed above certain thresholds in institutional quality and financial integration. But Europe remains different even when allowing for such threshold effects, and its experience is similar to that of interstate flows within the United States. Our findings are consistent with the notion that financial diversification reduces countries’ incentives to save in order to self-insure against specific shocks.—Abdul Abiad, Daniel Leigh and Ashoka Mody