The Lucas paradox and the quality of institutions
Schularick, Moritz ;  Steger, Thomas M. ;  ;  Universität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft

Main titleThe Lucas paradox and the quality of institutions
Subtitlethen and now
AuthorSchularick, Moritz
AuthorSteger, Thomas M.
InstitutionUniversität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft
No. of Pages14 S.
Series ; 2008,3 : Volkswirtschaftliche Reihe
Keywordscapital market integration; financial globalization; economic history
Classification (DDC)332 Financial economics
Also published in
AbstractIn the first era of financial globalization (1880-1914), global capital market integration led to
substantial net capital movements from rich to poor economies. The historical experience
stands in contrast to the contemporary globalization where gross capital mobility is equally
high, but did not incite a substantial transfer of savings from rich to poor economies. Using
data for the historical and modern periods we extend Lucas’ (1990) original model and show
that differences in institutional quality between rich and poor countries can account for the
sharply divergent patterns of international capital movements.
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FU DepartmentDepartment Business and Economics
Year of publication2008
Type of documentBook
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Created at2008-06-02 : 09:06:53
Last changed2015-05-20 : 10:20:37
Static URLhttp://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000000111