A Consideration on the Directions of Capital Movements under Capital Market Imperfections
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概要
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I investigate capital movements under capital market imperfections in an endogenously growing economy. According to the classical or standard model of international monetary theory, capital fl ows from rich to poor countries because marginal productivity of capital that equals to interest rate in poor countries is higher than that in rich countries. In the actual world, however, the capital in most of developing countries flows out to the foreign financial market. In this paper, I show that the interest rates depend on the monitoring cost or verification cost which is the cost to verify or to monitor the realized return of borrowers' investment projects. Under then assumption that verification cost depends on the existing capital in an economy, the relation between verifi cation cost and interest rate determines the direction of capital movements. If growth of economy leads to the decreases in the cost of verifi cation,capital in developing countries fl ows out to developed countries.
- 北九州市立大学経済学会の論文
- 2008-03-00
北九州市立大学経済学会 | 論文
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