The Global Financial Resource Curse
建立模型，解释全球储蓄过剩如何通过资本流入美国、导致非贸易部门扩张和贸易部门创新投资减少，最终降低全球生产率增长。
We provide a model connecting the global saving glut to productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for US nontradable goods, inducing a reallocation of US economic activity from the tradable sector to the nontradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determines the evolution of the world technological frontier, the result is a drop in global productivity growth.