Publication:
Flight Capital as a Portfolio Choice

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creativeworkseries.issn1564-698X
dc.contributor.authorCollier, Paul
dc.contributor.authorHoeffler, Anke
dc.contributor.authorPattillo, Catherine
dc.date.accessioned2014-03-04T21:17:09Z
dc.date.available2014-03-04T21:17:09Z
dc.date.issued2001-01
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2001/01/17736873/flight-capital-portfolio-choice
dc.identifier.citationWorld Bank Economic Review
dc.identifier.doi10.1596/17215
dc.identifier.urihttps://hdl.handle.net/10986/17215
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesWorld Bank Economic Review
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectACCUMULATION OF DEBTS
dc.subjectARBITRAGE
dc.subjectASSETS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK DEBT
dc.subjectBANK POLICY
dc.subjectBIASES
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL BASE
dc.subjectCAPITAL FLIGHT
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MOVEMENTS
dc.subjectCAPITAL OUTFLOW
dc.subjectCAPITAL OUTFLOWS
dc.subjectCAPITAL RATIO
dc.subjectCAPITAL REPATRIATION
dc.subjectCAPITAL STOCK
dc.subjectCAPITAL STOCKS
dc.subjectCD
dc.subjectCHECKS
dc.subjectCOMMERCIAL BANKS
dc.subjectCONSUMER PRICE INDEX
dc.subjectCORRUPTION
dc.subjectCOUNTRY RISK
dc.subjectCREDITORS
dc.subjectCRISIS AFFECTED
dc.subjectCURRENCY
dc.subjectCURRENCY APPRECIATION
dc.subjectCURRENCY CRISES
dc.subjectCURRENCY MARKETS
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEBT DATA
dc.subjectDEBT FORGIVENESS
dc.subjectDEBT RATIO
dc.subjectDEBT REDUCTION
dc.subjectDEBT RELIEF
dc.subjectDEBT SERVICE
dc.subjectDEBT­CAPITAL
dc.subjectDEGREE OF RISK
dc.subjectDEPOSIT
dc.subjectDEPOSITOR
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMIES
dc.subjectDIFFERENT CURRENCIES
dc.subjectDIMINISHING RETURNS
dc.subjectDOLLAR VALUE
dc.subjectDOMESTIC BONDS
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC INVESTMENT
dc.subjectDOMESTIC INVESTOR
dc.subjectDOMESTIC INVESTORS
dc.subjectDOMESTIC PORTFOLIO
dc.subjectDOMESTIC PORTFOLIOS
dc.subjectDOMESTIC SECURITIES
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectELIGIBILITY CRITERIA
dc.subjectENDOWMENTS
dc.subjectEQUITIES
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURE
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL CAPITAL
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL DEBTS
dc.subjectFACE VALUE
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE SYSTEM
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL DEPTH
dc.subjectFINANCIAL RISKS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFLOW OF CAPITAL
dc.subjectFLOWS OF CAPITAL
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DEBTS
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN FINANCING
dc.subjectFOREIGN FUNDS
dc.subjectFOREIGN INDEBTEDNESS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTOR
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN LOANS
dc.subjectFORGIVENESS
dc.subjectFORMAL ANALYSIS
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGLOBAL DEVELOPMENT FINANCE
dc.subjectGNP
dc.subjectGOVERNANCE INDICATORS
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGUARANTY
dc.subjectHOLDING
dc.subjectILLIQUID ASSETS
dc.subjectIMPLICIT GOVERNMENT GUARANTEES
dc.subjectIMPLICIT TAXES
dc.subjectINCOME
dc.subjectINDEBTEDNESS
dc.subjectINDIVIDUAL INVESTOR
dc.subjectINFLATION
dc.subjectINFLATION TAX
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINTEREST DIFFERENTIALS
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL DEBT
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINVENTORY
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTOR CONFIDENCE
dc.subjectLACK OF CAPITAL
dc.subjectLDCS
dc.subjectLENDERS
dc.subjectLEVY
dc.subjectLIABILITY
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY PREMIUM
dc.subjectLOAN
dc.subjectMACROECONOMIC POLICY
dc.subjectMONETARY FUND
dc.subjectNET CAPITAL
dc.subjectNPV
dc.subjectOUTPUT
dc.subjectOUTPUT LOSS
dc.subjectOVERVALUATION
dc.subjectOVERVALUED EXCHANGE RATES
dc.subjectPENSION
dc.subjectPHYSICAL ASSETS
dc.subjectPHYSICAL CAPITAL
dc.subjectPOLICY ENVIRONMENT
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL RISK
dc.subjectPOLITICAL UNCERTAINTY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ADJUSTMENT
dc.subjectPORTFOLIO ALLOCATION
dc.subjectPORTFOLIO ALLOCATIONS
dc.subjectPORTFOLIO CHOICE
dc.subjectPORTFOLIO CHOICES
dc.subjectPORTFOLIO COMPOSITION
dc.subjectPORTFOLIO DIVERSIFICATION
dc.subjectPORTFOLIO RETURNS
dc.subjectPORTFOLIO RISK
dc.subjectPORTFOLIOS
dc.subjectPRIVATE BORROWERS
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE CAPITAL FLOWS
dc.subjectPRIVATE CAPITAL INFLOW
dc.subjectPRIVATE CAPITAL STOCK
dc.subjectPRIVATE CAPITAL STOCKS
dc.subjectPRIVATE DEBT
dc.subjectPRIVATE FUNDS
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE RETURNS
dc.subjectPRODUCTION FUNCTION
dc.subjectPRODUCTION FUNCTIONS
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC POLICY
dc.subjectRATE OF GROWTH
dc.subjectRATE OF RETURN
dc.subjectRATE OF RETURN ON CAPITAL
dc.subjectRATES OF RETURN
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL EXCHANGE RATES
dc.subjectREGIONAL DUMMY
dc.subjectREGRESSION ANALYSIS
dc.subjectREPUDIATION
dc.subjectRESERVES
dc.subjectRETURN ON INVESTMENT
dc.subjectRISK OF EXPROPRIATION
dc.subjectSAFE ASSET
dc.subjectSHARE OF CAPITAL
dc.subjectSOURCES OF FUNDS
dc.subjectSOVEREIGN LENDING
dc.subjectSTOCKS
dc.subjectTAX
dc.subjectTAX LIABILITIES
dc.subjectTAX LIABILITY
dc.subjectTAX OBLIGATIONS
dc.subjectTAX RATE
dc.subjectTAX RATES
dc.subjectTAX RETURNS
dc.subjectTAX TREATMENTS
dc.subjectTAXATION
dc.subjectTRANSACTIONS COSTS
dc.subjectTREASURY
dc.subjectTREASURY BILL
dc.subjectTREASURY BILL RATES
dc.subjectTREASURY BILLS
dc.subjectUNION
dc.subjectVOLATILITIES
dc.subjectVOLATILITY
dc.subjectWEALTH
dc.subjectWITHDRAWAL
dc.titleFlight Capital as a Portfolio Choiceen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.disclosure2013-05-21
okr.date.doiregistration2025-05-06T11:31:52.875810Z
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2001/01/17736873/flight-capital-portfolio-choice
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid400911468149396625
okr.identifier.externaldocumentum000333037_20130521111649
okr.identifier.internaldocumentum17736873
okr.identifier.report77346
okr.journal.nbpages55-80
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/21/000333037_20130521111649/Rendered/PDF/773460JRN020010BLIC00Flight0Capital.pdfen
okr.peerreviewAcademic Peer Review
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Access to Finance
okr.unitResearch Support (DECRS)
okr.volume15(1)
relation.isJournalIssueOfPublication2e097433-0526-4601-9dbd-f7b9885e360c
relation.isJournalIssueOfPublication.latestForDiscovery2e097433-0526-4601-9dbd-f7b9885e360c
relation.isJournalOfPublicationc41eae2f-cf94-449d-86b7-f062aebe893f
relation.isJournalVolumeOfPublication673503d1-2849-439f-b8d7-fbe5192e8881
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