Country portfolios

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Title:	Country portfolios
Author:	Kraay, Aart; Loayza, Norman; Servén, Luis; Ventura, Jaume
Other authors:	Universitat Pompeu Fabra. Departament d'Economia i Empresa
Abstract:	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.
Subject(s):	-internationall capital flows -country portfolios -sovereign risk -Macroeconomics and International Economics
Rights:	L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Document type:	Working Paper
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