The Capital Matthew Effect: Directed Technical Change and International Capital Flows
研究发现，技术专业化是长期国际资本流动的驱动因素之一。资本稀缺提高边际回报，但引导国家采用资本节约型技术，导致资本富裕国家进口资本，而贫穷国家偏向资本替代型创新，形成资本马太效应，解释了卢卡斯悖论和全球失衡等谜题。
ABSTRACT This study shows that technological specialization is one plausible driver of long‐term international capital flows. Capital scarcity raises marginal returns but also steers countries toward capital‐saving technologies. As a result, capital‐rich countries adopt capital‐complementary technologies and keep importing capital from poorer countries that favor capital‐substitute innovations. This divergence force on capital allocation, which we name the capital Matthew effect , offsets convergence from diminishing returns. The mechanism offers a unified explanation for puzzles like the Lucas paradox and global imbalances. Finally, we provide both country‐level and firm‐level evidence supporting this new model mechanism.