Country Portfolios
构建了一个南北资本流动模型，强调递减收益、生产风险和主权风险的相互作用，生成的国别投资组合和资本存量分布与数据吻合。
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.