Uniform Standards, Information Quality, and Capital Flows
研究了在资本短缺背景下，经济体采用统一标准对资本流动、投资效率和预期产出的影响，发现其效果取决于资本短缺程度、信息质量及资本禀赋。
This paper examines the impact of uniform standards from economies' perspective in the presence of capital crunches. We show that converting to uniform standards has a positive marginal productivity effect to each economy by facilitating capital flows across economies and improving investment efficiency. However, converting to uniform standards also has an information quality effect that may bring a positive or a negative impact on an economy's expected output, depending on the severity of capital crunch and the information quality of the economies. In addition, there is a capital endowment effect, which positively affects an economy with a low capital endowment, but negatively affects an economy endowed with plentiful capital. Our analysis indicates that these effects jointly determine the overall impact of converting to uniform standards on an economy.