International Capital Mobility amongst the Major Industrialised Countries: Too Little or Too Much?
This paper examines capital flows among the major industrialized countries with a view to assessing M. Feldstein and C. Horioka's (1980) claim that international capital mobility is limited. It argues that saving-investment correlation tests are inherently flawed, and proposes an alternative methodology for testing the degree of international capital mobility. It finds that capital flows have been excessive in the sense that they are driven by speculative forces rather than by economic fundamentals. Copyright 1995 by Royal Economic Society.
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Volume (Year): 105 (1995)
Issue (Month): 428 (January)
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