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Country Portfolios


Aart Kraay


World Bank - Development Research Group (DECRG)

Norman Loayza


World Bank - Research Department

Luis Servén


World Bank - Office of the Chief Economist

Jaume Ventura


Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)
May 2004

MIT Dept. of Economics Working Paper No. 00-16; World Bank Policy Research Working Paper No. 3320

Abstract:     
Capital flows to developing countries are small and mostly take the form of loans rather than direct foreign investment. Kraay, Loayza, and Serven build a simple model of North-South capital flows that highlights the interplay between diminishing returns, production risk, and sovereign risk. The model generates a set of country portfolios and a world distribution of capital stocks that resemble those in the data.

This paper - a product of Investment Climate, Development Research Group - is part of a larger effort in the group to study international capital flows.

Number of Pages in PDF File: 44

JEL Classification: F32, F34

working papers series


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Date posted: October 29, 2004  

Suggested Citation

Kraay, Aart, Loayza, Norman, Servén, Luis and Ventura, Jaume , Country Portfolios (May 2004). MIT Dept. of Economics Working Paper No. 00-16; World Bank Policy Research Working Paper No. 3320. Available at SSRN: http://ssrn.com/abstract=237553 or http://dx.doi.org/10.2139/ssrn.237553

Contact Information

Aart Kraay (Contact Author)
World Bank - Development Research Group (DECRG) ( email )
1818 H. Street, N.W.
MSN3-311
Washington, DC 20433
United States
202-473-5756 (Phone)
202-522-3518 (Fax)
HOME PAGE: http://econ.worldbank.org/staff/akraay
Norman Loayza
World Bank - Research Department ( email )
1818 H Street, N.W.
Washington, DC 20433
United States
Luis Servén
World Bank - Office of the Chief Economist ( email )
Washington, DC 20433
United States
202-473-7451 (Phone)
202-522-3518 (Fax)
HOME PAGE: http://www.worldbank.org/research/bios/lserven.htm
Jaume Ventura
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) ( email )
Ramon Trias Fargas, 25-27
Barcelona, 08005
Spain
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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