Harvard economist Martin Feldstein argues that the lack of patient money is due to

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Harvard economist Martin Feldstein has argued that most of the capital that moves internationally is pursuing temporary gains, and it shifts in and out of countries as quickly as conditions change. He distinguishes between this short-term capital, or "hot money," and "patient money" that would support long-term cross-border capital flows. To Feldstein, patient money is still relatively rare, primarily because although capital is free to move internationally, its owners and managers still prefer to keep most of it at home. Feldstein argues that the lack of patient money is due to the relative paucity of information that investors have about foreign investments.

Harvard Economist Martin Feldstein Argues That the Lack of Patient