The World Economy Could Be Larger
A working paper by University of Maryland’s Bruno Pellegrino, Tufts University’s Enrico Spolaore, and UCLA Anderson’s Romain Wacziarg reveals that if capital was not limited by barriers across the globe, the world economy would be 9.6 times larger.
Researchers study data on 72 countries, representing 93% of the world GDP. The study explores a model of 2 types of global investment – direct investment and portfolio investment. They eliminate any cultural, institutional, geographic distance and restrictive law related impediments and follow these investments traveling a path of the highest returns. They find that the world economy could benefit greatly from this and become a lot stronger than it is currently.
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