劳拉·阿尔法罗（Laura Alfaro ） 、 赛博内姆·卡伦里-奥兹坎（Sebnem Kalemli-Ozcan）和瓦蒂姆·沃洛索维奇（Vadym Volosovych）在《经济学和统计学 》 （ Review of Economics and Statistics）2008年的一篇研究中指出，穷国之所以资本流出，部分是因为它们缺少接收和便利投资的机构。
As Laura Alfaro, Sebnem Kalemli-Ozcan, and Vadym Volosovych pointed out in a 2008 study for the Review of Economics and Statistics, poorer countries are deprived of capital flows partly because they lack the institutions that are needed to receive and facilitate investments.