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Equipping Immigrants: Migration Flows and Capital Movements

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  • Lange, Fabian

    ()
    (Yale University)

  • Gollin, Douglas

    ()
    (Williams College)

Abstract

Both policy makers and researchers have devoted considerable attention in recent years to the large current account and capital account imbalances among OECD countries. In particular, the size of the United States current account deficit has attracted intense attention and spawned numerous explanations. There are undoubtedly many reasons for this deficit, including government fiscal policy imbalances, but one explanation that has not previously received much attention is that current account deficits and the matching capital inflows are responses to international flows of labor. Migrants must be equipped with machines, and the resulting demands for capital are likely, all else being equal, to generate cross-border flows of capital. This paper explores the extent to which migration-related capital flows can explain the movements and magnitudes of current and capital account imbalances in OECD countries.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 2745.

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Length: 28 pages
Date of creation: Apr 2007
Date of revision:
Publication status: published in: Review of World Economics, 2013, 149 (4), 749-777
Handle: RePEc:iza:izadps:dp2745

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Keywords: capital flows; migration;

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References

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  1. Francesc Ortega & Giovanni Peri, 2009. "The Causes and Effects of International Migrations: Evidence from OECD Countries 1980-2005," NBER Working Papers 14833, National Bureau of Economic Research, Inc.
  2. Timothy J. Hatton & Jeffrey G. Williamson, 2008. "Global Migration and the World Economy: Two Centuries of Policy and Performance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582775, December.
  3. Mario Izquierdo & Juan Jimeno & Juan Rojas, 2010. "On the aggregate effects of immigration in Spain," SERIEs, Spanish Economic Association, vol. 1(4), pages 409-432, September.
  4. Stuart J. Wilson, 2003. "A Dynamic General Equilibrium Analysis of Migration and Capital Formation: The Case of Canada," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 455-481, April.
  5. John F. Helliwell, 2004. "Demographic changes and international factor mobility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Aug, pages 369-420.
  6. Matthew Higgins & Jeffrey G. Williamson, 1996. "Asian Demography and Foreign Capital Dependence," NBER Working Papers 5560, National Bureau of Economic Research, Inc.
  7. Susan M. Collins, 1991. "Saving Behavior in Ten Developing Countries," NBER Chapters, in: National Saving and Economic Performance, pages 349-376 National Bureau of Economic Research, Inc.
  8. Taylor, A.M., 1991. "Capital Flows to the New World as an Intergenerational Transfer," Harvard Institute of Economic Research Working Papers 1579, Harvard - Institute of Economic Research.
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  10. Higgins, Matthew, 1998. "Demography, National Savings, and International Capital Flows," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(2), pages 343-69, May.
  11. Martin Feldstein & Chair, 2004. "General discussion : demographic changes and international factor mobility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Aug, pages 437-446.
  12. B. Douglas Bernheim & John B. Shoven, 1991. "National Saving and Economic Performance," NBER Books, National Bureau of Economic Research, Inc, number bern91-2.
  13. Christian Dustmann & Tim Hatton & Ian Preston, 2005. "The Labour Market Effects of Immigration," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 115(507), pages F297-F299, November.
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Cited by:
  1. Ortega, Francesc & Peri, Giovanni, 2009. "The Causes and Effects of International Labor Mobility: Evidence from OECD Countries 1980-2005," MPRA Paper 19183, University Library of Munich, Germany.

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