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Determinants of Investment by the Norwegian Sovereign Wealth Fund: GDP vs. Institutions

Listed author(s):
  • Caner Mehmet

    ()

    (North Carolina State University)

  • Caner Turanay

    ()

    (North Carolina State University)

  • Grennes Thomas J

    ()

    (North Carolina State University)

During the current episode of globalization, capital has flown primarily to high income countries. Attempts to explain this Lucas Paradox have focused on the quality of institutions. We analyze data from a major institutional investor, the Norwegian Sovereign Wealth Fund, to estimate the separate effects of income per capita and institutional quality on international capital flows. After controlling for institutional quality, GDP per capita remains the primary determinant of investment.

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Article provided by De Gruyter in its journal Global Economy Journal.

Volume (Year): 11 (2011)
Issue (Month): 1 (March)
Pages: 1-34

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Handle: RePEc:bpj:glecon:v:11:y:2011:i:1:n:2
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  1. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2008. "Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 90(2), pages 347-368, May.
  2. René M. Stulz, 2005. "The Limits of Financial Globalization," Journal of Finance, American Finance Association, vol. 60(4), pages 1595-1638, 08.
  3. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
  4. Daron Acemoglu & Simon Johnson, 2003. "Unbundling Institutions," NBER Working Papers 9934, National Bureau of Economic Research, Inc.
  5. Mehmet Caner & Tom Grennes, 2008. "Sovereign Wealth Funds: the Norwegian Experience," Working Paper Series 020, North Carolina State University, Department of Economics.
  6. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
  7. Renneboog, Luc & Ter Horst, Jenke & Zhang, Chendi, 2008. "The price of ethics and stakeholder governance: The performance of socially responsible mutual funds," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 302-322, June.
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