Why does capital not flow from the OECD to emerging countries?

Per capita GDP and per capita capital are significantly lower in emerging countries than in OECD countries: the marginal productivity of capital must then be higher in emerging countries than in OECD countries, so capital flows should head from OECD countries to emerging countries. Yet th is movement of capital cannot be observed . Why not ? It is possible that: Currency risk is too high in emerging countries; The return on equity investment is lower in emerging countries than in OECD countries; Even though per capita capital is lower in emerging countries, the marginal productivity of capital is also lower due to an insufficient education level among the population and a shortfall of public infrastructure. Th e implication is that emerging countries can only count on their own savings to invest and develop.