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Capital Account Liberalization: Allocative Efficiency or Animal Spirits?

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NBER2002-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w8908
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In the year that capital-poor countries open their stock markets to foreign investors, the growth rate of their typical firm's capital stock exceeds its pre-liberalization mean by 4.1 percentage points. In each of the next three years the average growth rate of the capital stock for the 369 firms in
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2002-04-01
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