International Capital Flows and the Lucas Paradox Patterns, Determin
This book offers a comprehensive analysis of the debates on international capital flows, and presents a new evidence-based answer to the long-standing question of why capital doesn’t tend to flow from rich to poor countries as predicted by standard neocla
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International Capital Flows and the Lucas Paradox Patterns, Determinants, and Debates
International Capital Flows and the Lucas Paradox
Muhammad Akhtaruzzaman
International Capital Flows and the Lucas Paradox Patterns, Determinants, and Debates
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Muhammad Akhtaruzzaman Toi Ohomai Institute of Technology Rotorua, New Zealand
ISBN 978-981-13-9068-5 ISBN 978-981-13-9069-2 https://doi.org/10.1007/978-981-13-9069-2
(eBook)
© Springer Nature Singapore Pte Ltd. 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
For my beloved son Ishayat Zaman
Acknowledgements
First and foremost, I want to thank my supervisors, Dorian Owen, Chris Hajzler, and Nathan Berg, for their excellent advice, feedback, and mentorship. I am deeply indebted to my supervisors for their continued guidance and support throughout my Ph.D. journey at the University of Otago. I highly appreciate the time and patience my supervisors devoted to my thesis and I will always be grateful. I thank them for their advice and support to me on the job market. The book is based on my Ph.D. thesis at the University of Otago completed in 2015.
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Contents
1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Introduction . . . . . . . . . . . . . . . . . . . . . 1.2 Trends in Capital Flows: Historical Data References . . . . . . . . . . . . . . . . . . . . . . . . . .
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2 Review of the Neoclassical Theory of Capital and Related Empirical Literature . . . . . . . . . 2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . 2.2 Review of the Neoclassical Model . . . . . . 2.3 Review of the Empirical Literature . . . . . References . . . . . . . . . . . . . . . . . .
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