Paper #913

Título:

Country portfolios

Autores:

Aart Kraay, Norman Loayza, Luis Servén y Jaume Ventura

Data:

Octubre 2000

Resumen:

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.

Palabras clave:

Internationall capital flows, country portfolios, sovereign risk

Códigos JEL:

F32, F34

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

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

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