Université de Lausanne
Ecole des HEC
Département d'économétrie et d'économie politique

Mercredi 4 juin 2008, 11h00
Extranef, salle 126

Jaume VENTURA
(Universitat Pompeu Fabra, Barcelona)

A Portfolio View of Capital Flows: Facts and Hypotheses

Abstract

Kraay and Ventura (2002 and 2003) propose a simple decomposition of capital flows into portfolio growth and portfolio rebalancing components and apply it to a set of industrial countries. This paper does two things. First, it extends the empirical work to a much larger set of countries and a longer time period and use it to establish a set of stylized facts about capital flows in the long and short run. Second, it proposes a simple world equilibirum model of capital flows that encapsulates various hypotheses regarding the main forces shaping these facts.

Web site of the seminar : http://www.hec.unil.ch/deep/evenements-english/e-sem-all-2007-08.htm