M. Variable-obs, . Std, and . Dev, Min Max Net total capital inflows (anegCA2y) (%) 184 3, pp.98838-206

P. Aghion, P. Howitt, M. Brant-collett, and C. Garca-pealosa, Endogenous growth theory, 1998.

L. Alfaro, S. Kalemliozcan, and V. Volosovych, Sovereigns, upstream capital flows, and global imbalances, Journal of the European Economic Association, vol.125, pp.1240-1284, 2014.
DOI : 10.2139/ssrn.1922741
URL : https://dash.harvard.edu/bitstream/handle/1/16422847/alfaro%2ckelemli-ozcan%2cvolosovych_sovereigns%2cupstream-capital-flows.pdf?sequence=1

L. Alfaro, S. Kalemli-ozcan, and V. Volosovych, Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation, Review of Economics and Statistics, vol.84, issue.99, pp.347-368, 2008.
DOI : 10.1353/eca.2000.0021
URL : http://econweb.umd.edu/~nguyen-q/spring09/Alfaro et al (2008).pdf

B. Amable and J. Chatelain, Can financial infrastructures foster economic development?, Journal of Development Economics, vol.64, issue.2, pp.481-498, 2001.
DOI : 10.1016/S0304-3878(00)00147-4
URL : https://hal.archives-ouvertes.fr/halshs-00112551

G. Angeletos and V. Panousi, Financial integration, entrepreneurial risk and global dynamics, Journal of Economic Theory, vol.146, issue.3, pp.863-896, 2011.
DOI : 10.1016/j.jet.2011.02.001
URL : http://dspace.mit.edu/bitstream/1721.1/101257/1/Angeletos_Financial%20Integration.pdf

S. Aiyagari and . Rao, Uninsured Idiosyncratic Risk and Aggregate Saving, The Quarterly Journal of Economics, vol.109, issue.3, pp.659-684, 1994.
DOI : 10.2307/2118417

R. J. Barro and X. Sala-i-martin, Economic Growth, 2002.
DOI : 10.1007/978-1-349-27904-3_14

R. Becker, S. Bosi, L. Van, C. Seegmuller, and T. , On existence and bubbles of Ramsey equilibrium with borrowing constraints, Economic Theory, issue.2, pp.58-329, 2015.
URL : https://hal.archives-ouvertes.fr/halshs-01020635

G. Bekaert, C. R. Harvey, and C. Lundblad, Does financial liberalization spur growth?, Journal of Financial economics, vol.771, pp.3-55, 2005.

B. Bernanke and M. Gertler, Agency costs, net worth, and business fluctuations, The American Economic Review, pp.14-31, 1989.
DOI : 10.3386/w2015
URL : https://doi.org/10.3386/w2015

B. S. Bernanke and A. S. Blinder, The federal funds rate and the channels of monetary transmission, The American Economic Review, pp.901-921, 1992.

T. Beck and R. Levine, Stock markets, banks, and growth: Panel evidence, Journal of Banking and Finance, vol.283, pp.423-442, 2004.
DOI : 10.2139/ssrn.314904
URL : http://www.econ.brown.edu/fac/ross_levine/finance/rlevine/publication/2004_jbf_panel evidence.pdf

O. Blanchard and F. Giavazzi, Current account deficits in the euro area: the end of the Feldstein-Horioka puzzle?, Brookings papers on economic activity, vol.2, pp.147-209, 2002.

O. Blanchard, Currency Wars, Coordination, and Capital Controls, No.w22388. National Bureau of Economic Research, 2016.
DOI : 10.3386/w22388

F. J. Buera and Y. Shin, Productivity growth and capital flows: The dynamics of reforms. No. w15268, National Bureau of Economic Research, 2009.

J. H. Boyd and B. D. Smith, Capital Market Imperfections, International Credit Markets, and Nonconvergence, Journal of Economic Theory, vol.73, issue.2, pp.335-364, 1997.
DOI : 10.1006/jeth.1996.2237

R. J. Caballero and E. Farhi, The safety trap. No. w19927, National Bureau of Economic Research, 2014.
DOI : 10.3386/w19927

R. J. Caballero, E. Farhi, and P. Gourinchas, Global Imbalances and Currency Wars at the ZLB. No. w21670, National Bureau of Economic Research, 2015.

J. Y. Campbell and R. J. Shiller, Yield spreads and interest rate movements: A bird's eye view, The Review of Economic Studies, vol.583, pp.495-514, 1991.

C. D. Carroll, J. Overland, and D. N. Weil, Saving and Growth with Habit Formation, American Economic Review, vol.90, issue.3, pp.341-355, 2000.
DOI : 10.1257/aer.90.3.341

F. Caselli and N. Gennaioli, Dynastic management, Economic Inquiry, vol.511, pp.971-996, 2013.
DOI : 10.3386/w9442

F. Caselli and J. Feyrer, The Marginal Product of Capital, The Quarterly Journal of Economics, pp.535-568, 2007.

C. Clemens and S. Soretz, Optimal fiscal policy, uncertainty, and growth, Journal of Macroeconomics, vol.26, issue.4, pp.679-697, 2004.
DOI : 10.1016/j.jmacro.2003.05.003

N. Coeurdacier, S. Guibaud, and K. Jin, Credit Constraints and Growth in a Global Economy, American Economic Review, vol.105, issue.9, pp.2838-2881, 2015.
DOI : 10.1257/aer.20130549

N. Coeurdacier and H. Rey, Home bias in open economy financial macroeconomics, Journal of Economic Literature, vol.511, pp.63-115, 2013.
URL : https://hal.archives-ouvertes.fr/hal-01069440

K. Cowan and J. Gregorio, International Borrowing, Capital Controls, and the Exchange Rate, pp.241-296, 2007.
DOI : 10.7208/chicago/9780226184999.003.0007

W. Dechert, K. Davis, and . Nishimura, A complete characterization of optimal growth paths in an aggregated model with a non-concave production function Nonlinear Dynamics in Equilibrium Models, pp.237-257, 2012.

M. B. Devereux and A. Sutherland, Valuation effects and the dynamics of net external assets, Journal of international Economics, vol.801, pp.129-143, 2010.

M. B. Devereux and A. Sutherland, COUNTRY PORTFOLIOS IN OPEN ECONOMY MACRO-MODELS, Journal of the European Economic Association, vol.80, issue.2, pp.337-369, 2011.
DOI : 10.1016/j.jinteco.2009.11.003

E. Farhi and M. Maggiori, A Model of the International Monetary System. No. w22295, National Bureau of Economic Research, 2016.

E. Farhi, R. Caballero, and P. Gourinchas, An Equilibrium Model of Global Imbalances and Low Interest Rates, American Economic Review, vol.981, 2008.

M. S. Feldstein and C. Y. Horioka, Domestic savings and international capital flows, XC, pp.314-329, 1979.
DOI : 10.3386/w0310

R. C. Feenstra, R. Inklaar, and M. P. Timmer, The Next Generation of the Penn World Table, American Economic Review, issue.10, pp.105-3150, 2015.

J. A. Frenkel, C. Assaf-razin, and . Yuen, Fiscal policies and growth in the world economy, 1996.

M. Gertler and K. Rogoff, North-South lending and endogenous domestic capital market inefficiencies, Journal of Monetary Economics, vol.26, issue.2, pp.245-266, 1990.
DOI : 10.1016/0304-3932(90)90022-V

F. Giavazzi and L. Spaventa, Why the current account matters in a monetary union: lessons from the financial crisis in the euro area In The Euro Area and The Financial Crisis, p.5980, 2010.

G. B. Gorton, Slapped by the invisible hand: The panic of 2007, 2010.

P. Gourinchas, H. Olivier, and . Rey, External Adjustment, Global Imbalances, Valuation Effects, Handbook of International Economics, vol.4, pp.585-645, 2014.
DOI : 10.1016/B978-0-444-54314-1.00010-0
URL : http://socrates.berkeley.edu/~pog/academic/HB_POGHR_0325.pdf

P. Gourinchas, H. Olivier, and . Rey, International Financial Adjustment, Journal of Political Economy, vol.1154, pp.665-703, 2007.
DOI : 10.2139/ssrn.719783
URL : http://www.gsb.stanford.edu/facseminars/pdfs/Rey_International_Financial.pdf

P. Gourinchas, H. Olivier, and . Rey, From World Banker to World Venture Capitalist, pp.11-66, 2007.
DOI : 10.7208/chicago/9780226107288.003.0002
URL : http://www.gsb.stanford.edu/facseminars/pdfs/Rey_From_World_Banker.pdf

P. Gourinchas, O. Olivier, and . Jeanne, Capital flows to developing countries: The allocation puzzle, The Review of Economic Studies, 2013.

P. Gourinchas, H. Rey, and N. Govillot, Exorbitant privilege and exorbitant duty. No. 10-E-20, 2010.

J. Greenwood and B. Jovanovic, Financial Development, Growth, and the Distribution of Income, Journal of Political Economy, vol.985, pp.1076-1107, 1990.

F. Guvenen, Reconciling conflicting evidence on the elasticity of intertemporal substitution: A macroeconomic perspective, Journal of Monetary Economics, vol.537, pp.1451-1472, 2006.

R. E. Hall, Intertemporal Substitution in Consumption, Journal of Political Economy, vol.962, pp.339-357, 1988.

T. Ho, A. Sy, and . Saunders, The Determinants of Bank Interest Margins: Theory and Empirical Evidence, The Journal of Financial and Quantitative Analysis, vol.16, issue.4, pp.4-581, 1981.
DOI : 10.2307/2330377

R. Hubbard and . Glenn, Capital-Market Imperfections and, Journal of Economic Literature, vol.36, pp.193-225, 1998.

Z. He, A. Krishnamurthy, and K. Milbradt, A model of safe asset determination. No. w22271, National Bureau of Economic Research, 2016.

R. G. King and R. Levine, Finance, entrepreneurship and growth, Journal of Monetary Economics, vol.32, issue.3, pp.513-542, 1993.
DOI : 10.1016/0304-3932(93)90028-E

A. Kraay, Country portfolios, Journal of the European Economic Association, vol.34, pp.914-945, 2005.

A. Kraay and J. Ventura, Current accounts in debtor and creditor countries, quarterly Journal of Economics, pp.1137-1166, 2000.
DOI : 10.1596/1813-9450-1825
URL : http://dspace.mit.edu/bitstream/1721.1/63347/1/currentaccountsi00kraa.pdf

P. R. Lane and G. M. Milesi-ferretti, Europe and global imbalances, Economic Policy, vol.2251, pp.520-573, 2007.

P. Lane and B. Pels, Current Account Imbalances in Europe, IIIS Discussion Paper No, vol.397, 2012.

L. Porta, F. Rafael, A. Lopez-de-silanes, R. W. Shleifer, and . Vishy, Legal determinants of external finance, Journal of finance, pp.1131-1150, 1997.
DOI : 10.3386/w5879

R. Levine, N. Loayza, and T. Beck, Financial intermediation and growth: Causality and causes, Journal of monetary Economics, vol.461, pp.31-77, 2000.
DOI : 10.1016/s0304-3932(00)00017-9
URL : http://econ.worldbank.org/files/25407_financial_intermediation_and_growth.pdf

R. E. Lucas, On the mechanics of economic development, Journal of Monetary Economics, vol.22, issue.1, pp.3-42, 1988.
DOI : 10.1016/0304-3932(88)90168-7

R. E. Lucas, Why doesn't capital flow from rich to poor countries?, The American Economic Review, vol.80, issue.2, pp.92-96, 1990.

K. Matsuyama, Financial Market Globalization, SymmetryBreaking, and Endogenous Inequality of Nations, Econometrica, vol.723, pp.853-884, 2004.

R. C. Merton, Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case, The Review of Economics and Statistics, vol.51, issue.3, pp.247-257, 1969.
DOI : 10.2307/1926560

M. Obstfeld, Risk-Taking, Global Diversification, and Growth, The American Economic Review, pp.1310-1329, 1994.
DOI : 10.3386/w4093
URL : http://www.romainranciere.com/IM/paper3_3.pdf

M. Ogaki and C. M. Reinhart, Measuring Intertemporal Substitution: The Role of Durable Goods, Journal of Political Economy, vol.106, issue.5, pp.1078-1098, 1998.
DOI : 10.1086/250040

A. Pavlova and R. Rigobon, An asset-pricing view of external adjustment, Journal of International Economics, vol.801, pp.144-156, 2010.

A. Pavlova and R. Rigobon, International Macro-Finance, NBER Working Paper Series, p.16630, 2010.
DOI : 10.2139/ssrn.1739708
URL : http://faculty.london.edu/apavlova/IAP Survey.pdf

E. S. Prasad, G. Raghuram, A. Rajan, and . Subramanian, Foreign capital and economic growth. No. w13619, National Bureau of Economic Research, 2007.

E. Prasad and S. Wei, The Chinese Approach to Capital Inflows, pp.421-480, 2007.
DOI : 10.7208/chicago/9780226184999.003.0010

R. G. Rajan and L. Zingales, Financial Dependence and Growth, The American Economic Review, vol.883, pp.559-586, 1998.
DOI : 10.3386/w5758

P. A. Samuelson, Lifetime portfolio selection by dynamic stochastic programming The review of economics and statistics, pp.239-246, 1969.

J. C. Stein, Monetary policy as financial-stability regulation. No. w16883, National Bureau of Economic Research, 2011.
DOI : 10.2139/ssrn.1781306
URL : http://www.haas.berkeley.edu/finance/Monetary%20Policy%20as%20Regulation%20April%202010.pdf

V. Bruno and H. S. Shin, Cross-Border Banking and Global Liquidity, The Review of Economic Studies, vol.60, issue.4, p.42, 2014.
DOI : 10.1057/imfer.2012.6
URL : http://restud.oxfordjournals.org/content/early/2015/02/06/restud.rdu042.full.pdf

Z. Song, K. Storesletten, and F. Zilibotti, Growing Like China, American Economic Review, vol.101, issue.1, pp.196-233, 2011.
DOI : 10.1257/aer.101.1.196

C. Tille and E. Van-wincoop, International capital flows, Journal of international Economics, vol.802, pp.157-175, 2010.

S. J. Turnovsky, International macroeconomic dynamics, 1997.

M. Wickens, Macroeconomic theory: a dynamic general equilibrium approach, 2011.