Comparing Capital Mobility Across Provincial and National Borders
AbstractThe persistence of high savings-investment correlations and home-country bias in portfolio construction at the national level is contrasted with new evidence of savings behaviour in Canadian provinces. We confirm that national borders clearly divert flows of capital to domestic investments, but provincial borders have no such effect. In particular, while there is a significant correlation between national savings and investment, among provinces that effect disappears. We discuss the implications for interpreting the distinction between provincial and national borders.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6624.
Date of creation: Jun 1998
Date of revision:
Publication status: published as Canadian Journal of Economics, Vol. 32, no. 5 (November 1999): 1164-1173.
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Other versions of this item:
- John F. Helliwell & Ross McKitrick, 1999. "Comparing Capital Mobility Across Provincial and National Borders," Canadian Journal of Economics, Canadian Economics Association, vol. 32(5), pages 1164-1173, November.
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
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