International Trade and OECD Labor Markets (Washington: Brookings Institution), and Per Krusell, Lee E. Ohanian, Jose-Victor Rios-Rull, and Giovanni L. Violante (2000), "Capital-Skill Complementarity and Inequality: A Macroeconomic Analysis," Econometrica, vol. 68 (September), pp. 1029-53. 24  See Edward E. Leamer and Peter K. Schott (2005), "The Rich (and Poor) Keep Getting Richer," Harvard Business Review, vol. 83 (April), p. 20.
BIS Review 34/2005  5  some major recessions in emerging-market nations appear to have been associated with boom-and-bust cycles in capital flows. But barriers to capital flows are not a realistic choice for emerging-market nations in the long run because these nations are unlikely to join the ranks of advanced economies without open capital markets.