Natural resources and global misallocation
Monge-Naranjo, Alexander
Sanchez, Juan M.
Santaeulalia-Llopis, Raul

Date: 2016
Abstract: Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. We find a significant and persistent degree of misallocation of physical capital. We also find a remarkable movement toward efficiency during last 35 years, associated with the elimination of interventionist policies and driven by domestic accumulation. In contrast, we find a much larger and persistent misallocation of human capital. Interestingly, when both production factors can be reallocated, capital would often flow from poor to rich countries.
Abstract: The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
Note: Número d'acord de subvenció EC/H2020/649396
Rights: Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original. Creative Commons
Language: Anglès.
Series: Barcelona Graduate School of Economics: ADEMU working paper series
Series: ADEMU Working Paper Series ; 50
Document: workingPaper
Subject: Factor shares ; Capital formation ; Human capital ; International flows

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61 p, 708.3 KB

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 Record created 2018-10-23, last modified 2018-12-17

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