The impact of market openness on total-factor productivity growth mattered more than its effect on capital growth in an emerging country, Lundblad found in research conducted with Columbia University’s Geert Bekaert and Duke University’s Campbell Harvey. “That ‘something else’ is what productivity is all about.” “Something else is going on, something almost magical, beyond the natural first-order effect” said Lundblad. But UNC Kenan-Flagler finance professor Christian Lundblad and his colleagues discovered that the emerging country’s economy grew even more rapidly than would be expected from the amount of foreign investment. ![]() If an emerging market lowers its impediments to outside investors, investment in its economy should increase accordingly. ![]() ![]() Foreign investments in emerging markets make them emerge even faster.
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