External imbalances and capital flows.

Summary This thesis is devoted to the analysis of the international circulation of capital flows, this last term being understood in a broad sense. Thus, we are interested in: i) the dynamics of financial capital flows, balance of payments and exchange rate in industrialized countries, but also ii) migration flows - that is, human capital flows - from poor regions to developed countries, as well as immigration policies.The first part of this thesis analyzes the dynamics of the current account and the developments affecting the accumulation of external debt. Specifically, we study the situation of industrialized countries with particularly high levels of external debt. Although based on the case of a small and a large open economy in an industrialized world, our approach also allows us to describe some adjustment episodes in emerging countries.In recent years, the flow of human capital from emerging and developing countries to the industrial world has increased significantly. In recent years, the flow of human capital from emerging and developing countries to the industrial world has increased significantly. Indeed, as the IMF has pointed out, the aging of the population in rich countries continues, increasing the pressure for immigration. The importance of the current debate on immigration policy has drawn our attention to the dynamics of human capital flows from poor countries to the industrial world. The second part of this thesis therefore focuses on immigration and the implications for immigration policies in destination countries.