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Capital Mobility: Evidence from Sri Lanka

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  • Arusha Cooray

Abstract

The paper examines the degree to which financial deregulation has contributed to increased international capital mobility in Sri Lanka. In fulfilling this objective the empirical validity of three tests are examined: the Feldstein-Horioka (1980) model; the Sachs (1981, 1982) approach to the savings-investment relation; and the Shibata-Shintani (1998) model. The Shibata-Shintani model is further investigated by relaxing the assumption of a constant real rate of return. Overall evidence points to an increase in capital mobility in the postderegulation period suggesting an enhanced role of the exchange rate in the monetary transmission process.

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  • Arusha Cooray, 2002. "Capital Mobility: Evidence from Sri Lanka," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 104-120.
    • Handle: RePEc:wsi:adrxxx:v:19:y:2002:i:02:n:s0116110502000106
    DOI: 10.1142/S0116110502000106
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    Cited by:

    1. Yersh, Valeryia, 2020. "Current account sustainability and capital mobility in Latin American and Caribbean countries," MPRA Paper 105440, University Library of Munich, Germany.

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