A Pure Capital Market Complementarity between Immigrants and Natives

Autor:	Adolfo Cristobal Campoamor
Rok vydání:	2015
Předmět:	education.field_of_study Labour economics Earnings media_common.quotation_subject Immigration Population General Engineering Loanable funds Interest rate Physical capital Economics education Capital market Stock (geology) media_common
Zdroj:	Modern Economy. :1253-1260
ISSN:	2152-7261 2152-7245
DOI:	10.4236/me.2015.612118
Popis:	This work presents a model aiming to evaluate the impact of rural-urban migration on the aggregate stock of loanable funds and investment by the urban population. Much higher investment costs for immigrants in cities prevent their acquisition of either human or physical capital. That is the reason why immigrants self-select as net lenders and affect urban labor earnings by means of the availability of new loanable funds for investment. This reduces the local interest rates and facilitates urban aggregate investment, especially by the new generations of natives. As a result of that, the aggregate labor income of natives increases unambiguously with the size of new immigration waves.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::2519269e1063cc152e91a6e0903ce3d2 https://doi.org/10.4236/me.2015.612118 Zobrazit plný text záznamu