is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 … percent in Africa. We explain cross-country differences in portfolio choice by variables that proxy differences in the risk … (HIPC) on capital repatriation; and why so much of Africa’s private wealth is held outside the continent …

Union but, when possible, transition countries, in Asia and Africa are also considered. The main findings are that …

positive shock to the mineral resource value of a country. The model contains tradable, non-tradable, and mining sectors, as …