Distinguishing Across Models of International Capital Flows

Mark Wright and Alexander Karaivanov

No 124, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: We use maximum likelihood techniques to distinguish across models of international capital flows using a comprehensive dataset on GDP, capital stocks, consumption, investment, employment, and net exports (used to measure capital flows) for 200 countries between 1950 and 2005. Specifically, we apply a structural estimation and testing methodology to a range of models proposed in the literature: defaultable debt, expropriable investment, limited commitment, as well as the complete markets benchmark.

Date: 2009
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Working Paper: Distinguishing Across Models of International Capital Flows (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed009:124

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