| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7795 |
| 来源ID | Working Paper 7795 |
| Country Portfolios | |
| Aart Kraay; Norman Loayza; Luis Serven; Jaume Ventura | |
| 发表日期 | 2000-07-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | How do countries hold their financial wealth? We construct a new database of countries' claims on capital located at home and abroad, and international borrowing and lending, covering 68 countries from 1966 to 1997. We find that a small amount of capital flows from rich countries to poor countries. Countries' foreign asset positions are remarkably persistent, and mostly take the form of foreign loans rather than foreign equity. To interpret these facts, we build a simple model of international capital flows that highlights the interplay between diminishing returns, production risk and sovereign risk. We show that in the presence of reasonable diminishing returns and production risk, the probability that international crises occur twice a century is enough to generate a set of country portfolios that are roughly consistent with the data. |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w7795 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565367 |
| 推荐引用方式 GB/T 7714 | Aart Kraay,Norman Loayza,Luis Serven,et al. Country Portfolios. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7795.pdf（341KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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