DP2583 External Capital Structure: Theory and Evidence
|Author(s):||Philip R. Lane, Gian Maria Milesi-Ferretti|
|Publication Date:||October 2000|
|Keyword(s):||External Debt, Foreign Direct Investment, Net Foreign Assets, Portfolio Equity|
|Programme Areas:||International Macroeconomics|
|Link to this Page:||cepr.org/active/publications/discussion_papers/dp.php?dpno=2583|
Recent years have witnessed a change in the composition of capital flows to developing countries, and FDI and equity flows have been playing an increasing role. In this paper we discuss the challenges for international macroeconomics that these developments pose and characterize stylized facts associated with the structure of external liabilities in developing countries, focusing in particular on FDI and equity stocks.