Country Portfolios

Aart Kraay (), Norman Loayza (), Luis Servén and Jaume Ventura

Journal of the European Economic Association, 2005, vol. 3, issue 4, 914-945

Abstract: Capital flows to developing countries are small and 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. (JEL: F32, F34) Copyright (c) 2005 by the European Economic Association.

Date: 2005
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Related works:
Working Paper: Country Portfolios (2004)
Working Paper: Country portfolios (2001)
Working Paper: Country Portfolios (2001)
Working Paper: Country Portfolios (2000)
Working Paper: Country portfolios (2000)
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