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Country Portfolios, Volume 1
Author:Kraay, Aart; Loayza, Norman; Serven, Luis; Ventura, Jaume; Country:World;
Date Stored:2004/07/28Document Date:2004/06/01
Document Type:Policy Research Working PaperSubTopics:Economic Theory & Research; International Terrorism & Counterterrorism; Financial Intermediation; Banks & Banking Reform; Environmental Economics & Policies; Payment Systems & Infrastructure
Language:EnglishRegion:The World Region
Report Number:WPS3320Collection Title:Policy Research working paper series ; no. WPS 3320
Volume No:1  

Summary: Capital flows to developing countries are small and take mostly 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.

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