本文探討一小型國家的企業家資本與一般資本的流向。我們發現貿易摩擦增強會使一般資本流出，但是這兩種資本流向相反。因此，無法斷言淨資本流入與貿易整合的關係是為互補或替代。同時,是否能以貿易自由化來解決全球國際收支失衡亦值得再研究。另外，我們發現此小型國家的資本流動型態會影響其勞工和資本家的相對所得，其具金融摩擦的生產部門可能會因為資本流出而消失。

We incorporate entrepreneur capital mobility into the model of Antras and Caballero (2009) and find that for a small country, different types of capital tend to migrate in opposite directions, which makes the question of whether trade integration and net capital inflow are complements or substitutes not so straightforward. Therefore, whether protectionism is an improper response to global imbalance as claimed by AC deserves further investigation. In addition, we find that the mode of capital mobility impacts the relative incomes of workers and capitalists, and threaten the existence of the small country's financially-constrained production sector.