Capital mobility---resource gains or losses? How, when, and for whom?
Capital mobility---resource gains or losses? How, when, and for whom?
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资本流动——资源收益还是损失？
DOI：
10.1111/jpet.12145
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发表时间：
2016
影响因子：
1.1
通讯作者：
and Yasuhiro Sato
中科院分区：
文献类型：
--
作者：
Hikaru Ogawa;Jun Oshiro;and Yasuhiro Sato
本文研究了两类国家（资源丰富国家或资源贫乏国家）中哪一类国家从资本市场一体化和资本税收竞争中获益。我们制定了一个框架，涉及通过基于资源的投入建立纵向联系以及两类国家之间的国际财政联系。我们的分析表明，资本市场一体化导致资本从资源匮乏国家流向资源丰富国家，提高了全球生产效率。然而，这种收益只属于资源贫乏国家，资本流动甚至可能对资源丰富国家产生负面影响。此外，我们表明，资源丰富的国家可以在征收资本税时利用收益。
This paper investigates which of the two types of countries—resource‐rich or resource‐poor—gains from capital market integration and capital tax competition. We develop a framework involving vertical linkages through resource‐based inputs as well as international fiscal linkages between the two types of countries. Our analysis shows that capital market integration causes capital flows from resource‐poor to resource‐rich countries and improves global production efficiency. However, such gains accrue only to resource‐poor countries, and capital mobility might even negatively affect resource‐rich countries. Furthermore, we show that resource‐rich countries can exploit the gains when taxes on capital are available.