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Country Portfolios
 
Author:Kraay, Aart; Loayza, Norman; Serven, Luis; Ventura, Jaume; Collection Title:Policy Research working paper series ; no. WPS 3320
Country:World; Date Stored:2004/07/28
Document Date:2004/06/01Document Type:Policy Research Working Paper
Language:EnglishRegion:The World Region
Report Number:WPS3320SubTopics:Environmental Economics & Policies; International Terrorism & Counterterrorism; Economic Theory & Research; Payment Systems & Infrastructure; Banks & Banking Reform; Financial Intermediation
Volume No:1 of 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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