Flight Capital as a Portfolio Choice
将资本外逃视为投资组合选择，研究私人财富中持有海外资产的比例，发现区域差异巨大（南亚5%到非洲40%），并用风险调整回报率变量解释跨国差异，应用于东亚危机、债务减免和非洲财富外流三个政策问题。
This article sets flight capital in the context of portfolio choice, focusing on the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 percent in Africa. The authors explain cross-country differences in portfolio choice using variables that proxy differences in the risk-adjusted rate of return on capital. They apply the results to three policy issues: how the East Asian crisis affected domestic capital outflows; the effect of the International Monetary Fund-World Bank debt relief initiative for heavily indebted poor countries on capital repatriation; and why so much of Africa's private wealth is held outside the continent.