MARC Record from Library of Congress

LEADER: 02174cam a22003137a 4500
001 2005619202
003 DLC
005 20050825153829.0
007 cr |||||||||||
008 050825s2005 mau sb 000 0 eng
010 $a 2005619202
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aCaselli, Francesco,$d1966-
245 14 $aThe marginal product of capital$h[electronic resource] /$cFrancesco Caselli, James Feyrer.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2005.
490 1 $aNBER working paper series ;$vworking paper 11551
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 8/25/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic development and patterns of capital flows. Attempts to provide an empirical answer to this question have so far been mostly indirect and based on heroic assumptions. The first contribution of this paper is to present new estimates of the cross-country dispersion of marginal products. We find that the MPK is much higher on average in poor countries. However, the financial rate of return from investing in physical capital is not much higher in poor countries, so heterogeneity in MPKs is not principally due to financial market frictions. Instead, the main culprit is the relatively high cost of investment goods in developing countries. One implication of our findings is that increased aid flows to developing countries will not significantly increase these countries' incomes"--National Bureau of Economic Research web site.
650 0 $aCapital$xMathematical models.
650 0 $aMarginal productivity$xMathematical models.
700 1 $aFeyrer, James Donald.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 11551.
856 40 $uhttp://papers.nber.org/papers/W11551