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European Capital Flows and Regional Risk

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  • Tamim Bayoumi
  • Lucio Sarno
  • Mark P. Taylor

Abstract

We look at a range of issues concerning capital flows in Europe. We gauge the extent of European capital mobility through an examination of saving–investment correlations. Moreover, we provide further evidence on the extent and effect of European capital mobility through an examination of GNP/GDP ratios across the largest European countries and a comparison of these with similar calculations executed for regions within the UK. Finally, we examine the role of private financial markets in reducing regional risk by developing an empirical model which is then estimated on data for the European Union.

Suggested Citation

  • Tamim Bayoumi & Lucio Sarno & Mark P. Taylor, 1999. "European Capital Flows and Regional Risk," Manchester School, University of Manchester, vol. 67(1), pages 21-38, January.
  • Handle: RePEc:bla:manchs:v:67:y:1999:i:1:p:21-38
    DOI: 10.1111/1467-9957.00131
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    Cited by:

    1. Chakrabarti, Avik, 2006. "The saving-investment relationship revisited: New evidence from multivariate heterogeneous panel cointegration analyses," Journal of Comparative Economics, Elsevier, vol. 34(2), pages 402-419, June.
    2. Christian Pierdzioch, 2004. "Financial Market Integration And Business Cycle Volatility In A Monetary Union," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(3), pages 422-442, August.
    3. Zahir Antia & Ramdane Djoudad & Pierre St-Amant, 1999. "Canada’s Exchange Rate Regime and North American Economic Integration: The Role of Risk-Sharing Mechanisms," Staff Working Papers 99-17, Bank of Canada.
    4. Apergis, Nicholas & Tsoumas, Chris, 2009. "A survey of the Feldstein-Horioka puzzle: What has been done and where we stand," Research in Economics, Elsevier, vol. 63(2), pages 64-76, June.
    5. Jerry Coakley & Ana-Maria Fuertes & Fabio Spagnolo, 2004. "The Feldstein-Horioka puzzle is not as bad as you think," Money Macro and Finance (MMF) Research Group Conference 2003 17, Money Macro and Finance Research Group.

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