期刊名称：Document de Travail / Centre d'Etudes Prospectives et d'Informations Internationales
出版年度：2006
卷号：1
出版社：Paris
摘要：Since the late 1990s, developing countries as a whole have become net exporters of capital, a pattern which contradicts neoclassical models but can be explained by investors risk aversion. Because they can be seen as a major determinant of country risk, institutional features of target countries are then expected to impact on international portfolio choices. This paper explores the institutional determinants of international portfolio allocation. We rely on bilateral portfolio investment data together with the newly released Institutional Profiles database which details institutional features for 51 countries. We find that a number of institutional variables do impact on portfolio investment, especially competition and public liberties.
关键词：Portfolio investment; gravity model; institutions; developing countries
