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Is capital really mobile across the border?

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  • Deergha Raj Adhikari
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    Abstract

    The existing theories on capital mobility use either the saving-investment parity condition or the interest parity condition. The assumptions of balanced budget or purchasing power parity condition underlying these theories, however, are rarely met. This study, therefore develops a different approach called 'current account surplus saving surplus parity condition' to measure the degree of capital mobility and apply the model on US time series data. It is found that US capital is mobile internationally.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 13 (2006)
    Issue (Month): 8 ()
    Pages: 489-492

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    Handle: RePEc:taf:apeclt:v:13:y:2006:i:8:p:489-492

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    1. Bovenberg, A.L. & Gordon, R.H., 1996. "Why is capital so immobile internationally? Possible explanation and implications for capital income taxation," Open Access publications from Tilburg University urn:nbn:nl:ui:12-73564, Tilburg University.
    2. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
    3. Martin Feldstein & Philippe Bacchetta, 1991. "National Saving and International Investment," NBER Chapters, in: National Saving and Economic Performance, pages 201-226 National Bureau of Economic Research, Inc.
    4. Alan C. Stockman & Alejandro Hernandez D., 1985. "Exchange Controls, Capital Controls, and International Financial Markets," NBER Working Papers 1755, National Bureau of Economic Research, Inc.
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