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Determinants of Investment by the Norwegian Sovereign Wealth Fund: GDP vs. Institutions
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Mehmet Caner
Published/Copyright:
March 22, 2011
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.
Published Online: 2011-3-22
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Keywords for this article
international investment;
sovereign wealth funds;
Lucas Paradox;
institutional quality
Articles in the same Issue
- Article
- Impact of Globalization on Income Distribution Inequality in 60 Countries
- Determinants of Investment by the Norwegian Sovereign Wealth Fund: GDP vs. Institutions
- Regionalism as a Building Block for Multilateralism
- What's New in Our World?
- Boeing and Airbus: Duopoly in Jeopardy?
- Reflections in Twenty Years of Political and Economic Change in Poland
- A Survey of Macro Damages from Non-Communicable Chronic Diseases: Another Challenge for Global Governance
- The Taylor Rule in Estimating the Performance of Inflation Targeting Programs: The Case of Turkey
