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Flight Capital As a Portfolio Choice.

Abstract:

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...

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Journal:
World Bank Economic Review
Volume:
15
Publication date:
2001-01-01
URN:
uuid:fa59efe2-5350-4d1c-af77-1511c39393b4
Local pid:
oai:economics.ouls.ox.ac.uk:11494
Language:
English

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