; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America"; ; "batchuser@example.com"; ; "Restrepo-Echavarria, Paulina", "Wright, Mark L. J.", "Ohanian, Lee E."; "Federal Reserve Bank of Minneapolis"; "Capital flows", "Labor markets", "International capital markets", "Domestic capital markets"; "J20 - Demand and Supply of Labor: General", "E21 - Macroeconomics: Consumption; Saving; Wealth", "F41 - Open Economy Macroeconomics", "F21 - International Investment; Long-term Capital Movements"; "After World War II, international capital flowed into slow-growing Latin America rather than fast-growing Asia. This is surprising as, everything else equal, fast growth should imply high capital returns. This paper develops a capital flow accounting framework to quantify the role of different factor market distortions in producing these patterns. Surprisingly, we find that distortions in labor markets — rather than domestic or international capital markets — account for the bulk of these flows. Labor market distortions that indirectly depress investment incentives by lowering equilibrium labor supply explain two-thirds of observed flows, while improvement in these distortions over time accounts for much of Asia’s rapid growth."^^; "2018-05-14"; "2019-05-17T13:34:43.829262881+00:00"^^; "https://doi.org/10.21034/sr.563"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:35:22 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "858", "650", "572"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "563"; "Capital flows", "Domestic capital markets", "Labor markets", "International capital markets"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _American Economic Review_ (vol. 108 no. 12, December 2018, pp. 3541-3582) https://doi.org/10.1257/aer.20151510."^^; ; "Publication" . ; .