Foreign-Owned Land
分析外国投资如何影响土地价格和福利，发现土地升值虽使当前地主受益，但长期可能降低福利；土地税即使不影响国内资本存量，也能提高稳态福利。
While foreign investment augments the capital stock, it also affects land prices. If it causes land values to rise, then the resulting capital gain benefits current landowners, but the perma nent effect can be to reduce welfare. Other things equal, more-crowde d countries have higher land prices and lower steady-state welfare, b ut their net foreign indebtedness depends on technology, savings beha vior, and the interest rate. Even when it does not affect the domesti c capital stock, a land tax raises steady-state welfare. Copyright 1988 by American Economic Association.