Paper #913

Títol:

Country portfolios

Autors:

Aart Kraay, Norman Loayza, Luis Servén i Jaume Ventura

Data:

Octubre 2000

Resum:

Capital flows to developing countries are small and are mostly take the form of loans rather than direct foreign investment. We build a simple model of North-South capital flows that highlights the interplay between diminishing returns, production risk and sovereign risk. This model generates a set of country portfolios and a world distribution of capital stocks that resemble those in the data.

Paraules clau:

Internationall capital flows, country portfolios, sovereign risk

Codis JEL:

F32, F34

Àrea de Recerca:

Macroeconomia i Economia Internacional

Publicat a:

Journal of the European Economic Association, 3 (4), 914-945, 2005

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