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ON THE DIFFERENCES BETWEEN THE MARGINAL PRODUCT OF CAPITAL ACROSS COUNTRIES

机译:各国资本边际产品之间的差异

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摘要

We extended the standard neoclassical model of investment for the case of an open economy. Our model shows that risk premium not only creates a wedge between the marginal product of capital across countries but also reduces an economy's savings rate. A riskier market thus presents a lower income per capita, ceteris paribus. Our empirical analysis, from 1950 to 2003, lends support to the conclusion that both risk and the correction for output price to investment ratio help to explain the differentials.
机译:对于开放经济,我们扩展了标准的新古典主义投资模型。我们的模型表明,风险溢价不仅在各国资本的边际产品之间产生了楔子,而且还降低了经济的储蓄率。因此,风险较高的市场人均收入较低。我们从1950年至2003年的经验分析支持以下结论:风险和产出价格与投资比率的修正均有助于解释差异。

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