Upstream financial flows, intangible investment, and allocative efficiency

被引：3
|
作者：
Zhang, Haiping [1 ]
机构：
[1] Univ Auckland, Dept Econ, 12 Grafton Rd, Auckland 1010, New Zealand
来源：
JOURNAL OF MACROECONOMICS | 2022年 / 72卷
关键词：
Financial frictions; Heterogeneous pledgeability; Intangible capital; Investment elasticity; Wealth inequality; CAPITAL ACCUMULATION; INCOME INEQUALITY; PRODUCTIVITY; DIVERSIFICATION; GLOBALIZATION; INTEGRATION; OPENNESS; COSTS; DEBT; RISK;
D O I：
10.1016/j.jmacro.2022.103425
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The recent decades have witnessed upstream financial flows and rising intangible investment. Given heterogeneous pledgeability, we find that financial inflows have opposite short-run and long-run effects on intangible-tangible investment composition and the efficiency of capital formation. By reducing the investment elasticity along the extensive margin, rising wealth inequality undermines the efficiency gains from financial inflows. Similarly, market frictions and policy distortions that hinder entrepreneurship may also reduce the investment elasticity. Thus, our mechanism offers a new perspective for understanding cross-country differences in intangible-tangible investment composition.
引用
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页数：17
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