Country portfolios
成果类型：
Article
署名作者：
Kraay, A; Servén, L; Loayza, N; Ventura, J
署名单位：
The World Bank; Pompeu Fabra University
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1162/1542476054430843
发表日期：
2005
页码：
914-945
关键词：
摘要：
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.
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