Already about two decades ago, Robert Lucas (1990) asked: “Why Doesn’t Capital Flow from Rich to Poor Countries?”, wondering why only very little capital in net term was flowing from the industrial world to developing economies. In the past years, this trend has even aggravated: Nowadays, in many cases, net capital flows have reversed and are now flowing from developing and emerging countries towards the rich world, especially towards the United States, United Kingdom, Australia and Spain. Not only China and other Asian countries are showing current account surpluses (and hence net capital exports). Also a number of Latin American.
