Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym - Tinbergen Instituut - 2011
We decompose capital flows--both debt and equity--into public and private components and study their relationship with … to sovereign transactions. Specifically, we show: (i) international capital flows net of government debt are positively … aid flows, which are mostly accounted as debt, are also positively correlated with productivity growth consistent with the …