Gourinchas, Pierre-Olivier; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2007
patterns of capital flows: everything else equal, countries with faster productivity growth should invest more, and attract … more foreign capital. We then show that the pattern of net capital flows across developing countries is not consistent with … this prediction. If anything, capital seems to flow more to countries that invest and grow less. We argue that this result …