To start with, nationalist attacks on immoral foreign speculators imply that locals are loyal and patriotic, while outsiders are flighty and exploitative. This narrative ignores the Lucas paradox, named after the Nobel laureate Robert Lucas, which questions the assumption that money flows tend to move from rich countries to poor ones, driven by wealthy American or European investors seeking high returns in hot growth markets. Lucas pointed out that rich locals in emerging nations also have a strong incentive to move their money to richer countries with more trustworthy institutions and safer
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