Unité mixte de recherche 7235

A Reappraisal of the Allocation Puzzle through the Portfolio Approach

Kenza Benhima

[en] The neoclassical growth model predicts that emerging countries with higher TFP growth should receive larger capital inflows. Gourinchas and Jeanne (2007) document that, in fact, countries that exhibited higher productivity catch-up received less capital inflows, even though they invested more in their domestic technology. This is the allocation puzzle. I show that introducing investment risk in the same neoclassical framework qualifies the predictions in terms of capital flows: countries with higher TFP growth invest more in their own production but they have to hold external bonds for precautionary savings motives. Contrary to the riskless approach, the portfolio approach predicts accurately the allocation of capital flows across developing countries. [/en]

AGENDA

jeudi 8 juin 2023

Doctorants

Sahil Chopra (Université Sorbonne Paris-Nord)

Economics of litigation : Securities class action with third-party funding

lundi 12 juin 2023

Law, Institutions and Economics in Nanterre (LIEN)

Arthur Silve (IAST / Univ. Laval)

TBA

jeudi 15 juin 2023

Lunch

Guillaume Pierné

TBA

lundi 19 juin 2023

Law, Institutions and Economics in Nanterre (LIEN)

Juan Mora-Sanguinetti (Banco de Espana)

TBA

mardi 20 juin 2023

Colloques et Workshops

Webinar TELE –Theoretical European Law & Economics

mardi 20 juin 2023

When should non-performance of contracts be excused under changed circumstances?

Henrik Lando (Copenhagen Business School, Denmark)

1:30 pm to 2:45 pm (Paris time)

When should non-performance of contracts be excused under changed circumstances?

jeudi 22 juin 2023

Doctorants

Jules Chaperon

TBA

vendredi 1 septembre 2023

Professeurs invités

Ken Yahagi

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