Trade and Capital Flows: A Financial Frictions Perspective
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The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes, in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, the
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美国国家经济研究局创建时间：
2007-07-01
