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Capital Mobility within EMU

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Author Info
Stirböck, Claudia
Heinemann, Friedrich

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Abstract

Capital mobility is helpful to cope with the loss of adjustment instruments in EMU. High capital mobility in the sense of Feldstein and Horioka (FH) can limit the negative consequences of shocks affecting the saving capacity of an economy in the Eurozone. It is the aim of this paper to assess the likely degree of capital mobility in the FH sense within EMU. For this purpose, the FH approach is extended and updated. In particular, the role of current account targeting, exchange rate volatility and tax differentials as potential obstacles to capital mobility is analyzed. The empirical findings support the view that both current account targeting and exchange rate volatility were relevant for limiting the free flow of capital in the past. The conclusion is that within EMU domestic saving and investment will be less correlated than they were before the advent of the Euro. --

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Publisher Info
Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 99-19.

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Date of creation: 1999
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Handle: RePEc:zbw:zewdip:5236

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Related research
Keywords: Capital Mobility; European Monetary Union; Investment-Saving-Relation;

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Find related papers by JEL classification:
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Hogendorn, Christiaan, 1998. "Capital Mobility in Historical Perspective," Journal of Policy Modeling, Elsevier, vol. 20(2), pages 141-161, April. [Downloadable!] (restricted)
  3. Sinn, Stefan, 1992. "Saving-Investment Correlations and Capital Mobility: On the Evidence from Annual Data," Economic Journal, Royal Economic Society, vol. 102(414), pages 1162-70, September. [Downloadable!] (restricted)
  4. 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. [Downloadable!]
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  5. Jan Lemmen & Sylvester Eijffinger, 1995. "The quantity approach to financial integration: The Feldstein-Horioka criterion revisited," Open Economies Review, Springer, vol. 6(2), pages 145-165, April. [Downloadable!] (restricted)
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  6. John F. Helliwell & Ross McKitrick, 1998. "Comparing Capital Mobility Across Provincial and National Borders," NBER Working Papers 6624, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Claudia M. Buch, 2001. "Cross-Border Banking and Transmission Mechanisms: The Case of Europe," Kiel Working Papers 1063, Kiel Institute for the World Economy. [Downloadable!]
  2. Lauer, Charlotte, 1999. "The Effects of European Economic and Monetary Union on Wage Behaviour," IZA Discussion Papers 36, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Müller, Claudia & Buscher, Herbert S., 1999. "The impact of monetary instruments on shock absorption in EU-Countries," ZEW Discussion Papers 99-15, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  4. Buscher, Herbert S., 1999. "Business Cycles in EU Member States," ZEW Discussion Papers 99-16, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  5. Buscher, Herbert S. & Mueller, Claudia, 1999. "Exchange Rate Volatility Effects on the German Labour Market: A Survey of Recent Results and Extensions," IZA Discussion Papers 37, Institute for the Study of Labor (IZA). [Downloadable!]
  6. Heinemann, Friedrich & Schüler , Martin, 2002. "How integrated are the European retail financial markets? : A cointegration analysis," ZEW Discussion Papers 02-22, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  7. Heinemann, Friedrich, 1999. "Does globalization restrict budgetary autonomy? : A multidimensional approach," ZEW Discussion Papers 99-29, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  8. Puhani, Patrick A., 1999. "Labour mobility - an adjustment mechanism in Euroland? : Empirical evidence for Western Germany, France and Italy," ZEW Discussion Papers 99-47, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
    Other versions:
  9. Puhani, Patrick A., 1999. "Labour Mobility - An Adjustment Mechanism in Euroland?," IZA Discussion Papers 34, Institute for the Study of Labor (IZA). [Downloadable!]
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