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National Savings and Domestic Investment in the Long Run: Some Time Series Evidence for the U.S. and Canada

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  • Glenn Otto
  • Tony S. Wirjanto

Abstract

An empirical puzzle in international finance is the finding of a high correlation between national savings and domestic investment. This result is widely interpreted as evidence of low international capital mobility. This paper examines the long run behaviour of national savings and domestic investment for the United States and Canada in a time series context, by testing for evidence of cointegration between the two series. We find little evidence of a cointegrating relationship, except for Canada during the Bretton Woods era.

Suggested Citation

  • Glenn Otto & Tony S. Wirjanto, 1989. "National Savings and Domestic Investment in the Long Run: Some Time Series Evidence for the U.S. and Canada," Working Paper 754, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:754
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    Cited by:

    1. Daniel Levy, 1995. "Investment-saving comovement under endogenous fiscal policy," Open Economies Review, Springer, vol. 6(3), pages 237-254, July.
    2. Jochem, Axel & Herrmann, Sabine, 2003. "The international integration of money markets in the central and east European accession countries: deviations from covered interest parity, capital controls and inefficiencies in the financial secto," Discussion Paper Series 1: Economic Studies 2003,07, Deutsche Bundesbank.
    3. Levy, Daniel, 2004. "Is the Feldstein-Horioka Puzzle Really a Puzzle?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 49-66.
    4. Herrmann, Sabine & Jochem, Axel, 2003. "Die internationale Integration der Geldmärkte in den mittel- und osteuropäischen Beitrittsländern: Abweichungen von der gedeckten Zinsparität, Kapitalverkehrskontrollen und Ineffizienzen des Finanzsek," Discussion Paper Series 1: Economic Studies 2003,07, Deutsche Bundesbank.

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