東京大学金融教育研究センター
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Center for Advanced Research in Finance
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分類番号:
CARF-F-316
発表時期:

2013

5
タイトル: International Trade and Capital Movement under Financial Imperfection
著者: Taiji Furusawa, Noriyuki Yanagawa
Abstract: We construct a simple two-country model that enables us to examine the interactions between trade in goods and international capital movement under financial imperfection. We show that they are complements in the sense that trade in goods facilitates capital outflow from the South, which is either financially less-developed or endowed less capital than the North. This complementarity disappears if financial institution is perfect or almost perfect; trade in goods and capital movement are substitutes as
traditional literature shows in such cases. We also show the possibility that capital account liberalization entails capital leakage from the manufacturing industries to an inferior investment opportunity.
ファイル(PDF): full paper
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