We construct measures of net private and public capital ows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign transactions account for upstream capital ows and global imbalances.
Sovereigns, Upstrems Capital Flows, and Global ImbalancesLaura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych ,
5( 12 )
Journal of European Economic Association