IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

A survey of the Feldstein-Horioka puzzle: What has been done and where we stand

  • Apergis, Nicholas
  • Tsoumas, Chris

The objective of this paper is to present a survey of the research related to the Feldstein-Horioka puzzle and, in particular, to investigate what economists have learned, which parts of the puzzle have been resolved, which parts remain to be addressed, and where future research is heading. This paper is different from other attempts because it reviews the most recent literature and presents it according to the theoretical and/or empirical approach to the subject. Thus, it can be useful to academics and policy makers who are interested in understanding how and why savings and investment move the way they do.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.sciencedirect.com/science/article/B6WWP-4W8VW24-1/2/e6080d177ba1eddfe176c5b430ff0a2f
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Elsevier in its journal Research in Economics.

Volume (Year): 63 (2009)
Issue (Month): 2 (June)
Pages: 64-76

as
in new window

Handle: RePEc:eee:reecon:v:63:y:2009:i:2:p:64-76
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622941

References listed on IDEAS
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.:

as in new window
  1. Martin Feldstein, 1992. "The Budget and Trade Deficits Aren't Really Twins," NBER Working Papers 3966, National Bureau of Economic Research, Inc.
  2. Reuven Glick & Kenneth Rogoff, 1992. "Global Versus Country-Specific Productivity Shocks and the Current Account," NBER Working Papers 4140, National Bureau of Economic Research, Inc.
  3. Philip R. Lane & Gian-Maria Milesi-Ferretti, 2002. "External Wealth, the Trade Balance, and the Real Exchange Rate," IMF Working Papers 02/51, International Monetary Fund.
  4. Torsten Persson & Lars E.O. Svensson, 1983. "Current Account Dynamics and the Terms of Trade: Harberger-Laursen-Metzler Two Generations Later," NBER Working Papers 1129, National Bureau of Economic Research, Inc.
  5. Krol, Robert, 1996. "International capital mobility: evidence from panel data," Journal of International Money and Finance, Elsevier, vol. 15(3), pages 467-474, June.
  6. Javed Younas, 2007. "Capital Mobility, Foreign Aid, and Openness: A Reappraisal," Economics Bulletin, AccessEcon, vol. 6(12), pages 1-8.
  7. Mendoza, Enrique G, 1991. "Real Business Cycles in a Small Open Economy," American Economic Review, American Economic Association, vol. 81(4), pages 797-818, September.
  8. Coakley, Jerry & Hasan, Farida & Smith, Ron, 1999. "Saving, Investment, and Capital Mobility in LDCs," Review of International Economics, Wiley Blackwell, vol. 7(4), pages 632-40, November.
  9. Gordon Roger Hall & Gaspar Vitor, 2001. "Home Bias in Portfolios and Taxation of Asset Income," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-30, September.
  10. Telatar, Erdinc & Telatar, Funda & Bolatoglu, Nasip, 2007. "A regime switching approach to the Feldstein-Horioka puzzle: Evidence from some European countries," Journal of Policy Modeling, Elsevier, vol. 29(3), pages 523-533.
  11. Olumuyiwa Adedeji, 2001. "Consumption-Based Interest Rate and the Present-Value Model of the Current Account; Evidence From Nigeria," IMF Working Papers 01/93, International Monetary Fund.
  12. Fazio, Giorgio & MacDonald, Ronald & Melitz, Jacques, 2005. "Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade," CEPR Discussion Papers 5137, C.E.P.R. Discussion Papers.
  13. Jeffrey A. Frankel, 1985. "International capital mobility and crowding-out in the U.S. economy: imperfect integration of financial markets or of goods markets?," Proceedings, Federal Reserve Bank of St. Louis, pages 33-74.
  14. Lawrence H. Summers, 1986. "Tax Policy and International Competitiveness," NBER Working Papers 2007, National Bureau of Economic Research, Inc.
  15. James E. Payne & Risa Kumazawa, 2006. "Capital Mobility And The Feldstein-Horioka Puzzle: Re-Examination Of Less Developed Countries," Manchester School, University of Manchester, vol. 74(5), pages 610-616, 09.
  16. Bovenberg, A.L. & Gordon, R.H., 1996. "Why is capital so immobile internationally? Possible explanation and implications for capital income taxation," Other publications TiSEM 6a131c21-fd9a-4d83-8d9a-7, Tilburg University, School of Economics and Management.
  17. Gordon, Roger H & Bovenberg, A Lans, 1996. "Why Is Capital So Immobile Internationally? Possible Explanations and Implications for Capital Income Taxation," American Economic Review, American Economic Association, vol. 86(5), pages 1057-75, December.
  18. Maurice Obstfeld & Kenneth Rogoff, 2001. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 339-412 National Bureau of Economic Research, Inc.
  19. Roubini, N., 1989. "Current Account And Budget Deficits In An Intertemporal Model Of Consumption And Taxation Smoothing. A Solution To The "Feldstein-Horioka" Puzzel," Papers 569, Yale - Economic Growth Center.
  20. Frankel, Jeffrey A., 1989. "Quantifying International Capital Mobility in the 1980s," Department of Economics, Working Paper Series qt4fw7c7bh, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  21. Afxentiou, Panos & Serletis, Apostolos, 1993. "International Capital Mobility and the Long-Run Investrnent and Saving in Canada," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 46(2-3), pages 147-167.
  22. Giovanni P. Olivei, 2000. "The role of savings and investment in balancing the current account: some empirical evidence from the United States," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 3-14.
  23. Romain Wacziarg & Athanasios Vamvakidis, 1998. "Developing Countries and the Feldstein-Horioka Puzzle," IMF Working Papers 98/2, International Monetary Fund.
  24. Apergis, Nicholas & Tsoulfidis, Lefteris, 1997. "The relationship between saving and finance: theory and evidence from E.U. countries," Research in Economics, Elsevier, vol. 51(4), pages 333-358, December.
  25. Montiel, Peter J., 1993. "Capital mobility in developing countries : some measurement issues and empirical estimates," Policy Research Working Paper Series 1103, The World Bank.
  26. Jansen, Willem Jos & Schulze, Günther G., 1993. "Theory-based measurement of the saving-investment correlation with an application to Norway," Discussion Papers, Series II 205, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
  27. Olumuyiwa Adedeji, 2001. "The Size and Sustainability of the Nigerian Current Account Deficits," IMF Working Papers 01/87, International Monetary Fund.
  28. Bahmani-Oskooee, Mohsen & Chakrabarti, Avik, 2005. "Openness, size, and the saving-investment relationship," Economic Systems, Elsevier, vol. 29(3), pages 283-293, September.
  29. Albert H. De Wet & Reneé Van Eyden, 2005. "Capital Mobility In Sub-Saharan Africa: A Panel Data Approach," South African Journal of Economics, Economic Society of South Africa, vol. 73(1), pages 22-35, 03.
  30. Ramon Moreno, 1994. "Saving-investment dynamics and capital mobility in the U.S. and Japan," Pacific Basin Working Paper Series 94-05, Federal Reserve Bank of San Francisco.
  31. Sarno, Lucio & Taylor, Mark P, 1998. "Savings-Investment Correlations: Transitory versus Permanent," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(0), pages 17-38, Supplemen.
  32. Tesar, Linda L., 1993. "International risk-sharing and non-traded goods," Journal of International Economics, Elsevier, vol. 35(1-2), pages 69-89, August.
  33. Barro, Robert J & Mankiw, N Gregory & Sala-i-Martin, Xavier, 1995. "Capital Mobility in Neoclassical Models of Growth," American Economic Review, American Economic Association, vol. 85(1), pages 103-15, March.
  34. Armstrong, Harvey W. & Balasubramanyam, V. N. & Salisu, Mohammed A., 1996. "Domestic savings, intra-national and intra-European Union capital flows, 1971-1991," European Economic Review, Elsevier, vol. 40(6), pages 1229-1235, June.
  35. Hiroshi Gunji, 2003. "The Feldstein-Horioka puzzle and law," Economics Bulletin, AccessEcon, vol. 11(1), pages 1-12.
  36. Sinha, Dipendra, 2002. "Saving-investment relationships for Japan and other Asian countries," Japan and the World Economy, Elsevier, vol. 14(1), pages 1-23, January.
  37. Maurice Obstfeld & Kenneth Rogoff, 1994. "The Intertemporal Approach to the Current Account," NBER Working Papers 4893, National Bureau of Economic Research, Inc.
  38. Michael D. Bordo & Marc Flandreau, 2001. "Core, Periphery, Exchange Rate Regimes, and Globalization," Sciences Po publications n°3077, Sciences Po.
  39. Amirkhalkhali, Saleh & Dar, Atul A, 1993. "Testing for Capital Mobility: A Random Coefficients Approach," Empirical Economics, Springer, vol. 18(3), pages 523-41.
  40. Mamingi, Nlandu, 1997. "Saving-investment correlations and capital mobility: The experience of developing countries," Journal of Policy Modeling, Elsevier, vol. 19(6), pages 605-626, December.
  41. Jansen, W. Jos, 2000. "International capital mobility: evidence from panel data," Journal of International Money and Finance, Elsevier, vol. 19(4), pages 507-511, August.
  42. Karen K. Lewis, 1999. "Trying to Explain Home Bias in Equities and Consumption," Journal of Economic Literature, American Economic Association, vol. 37(2), pages 571-608, June.
  43. Niehans, Jurg, 1992. "The international allocation of savings with quadratic transaction (or risk) costs," Journal of International Money and Finance, Elsevier, vol. 11(3), pages 222-234, June.
  44. James M. Nason & John H. Rogers, 1999. "Investment and the current account in the short run and the long run," International Finance Discussion Papers 647, Board of Governors of the Federal Reserve System (U.S.).
  45. Erdal Ozmen & Kağan Parmaksiz, 2003. "Exchange rate regimes and the Feldstein-Horioka puzzle: the French evidence," Applied Economics, Taylor & Francis Journals, vol. 35(2), pages 217-222.
  46. Bayoumi, Tamim & Sarno, Lucio & Taylor, Mark P, 1999. "European Capital Flows and Regional Risk," Manchester School, University of Manchester, vol. 67(1), pages 21-38, January.
  47. Matthew T. Jones & Maurice Obstfeld, 1997. "Saving, Investment, and Gold: A Reassessment of Historical Current Account Data," NBER Working Papers 6103, National Bureau of Economic Research, Inc.
  48. Tesar, L.L., 1988. "Savings, Investment And International Capital Flows," RCER Working Papers 154, University of Rochester - Center for Economic Research (RCER).
  49. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
  50. Kraay, Aart & Ventura, Jaume, 1997. "Current accounts in debtor and creditor countries," Policy Research Working Paper Series 1825, The World Bank.
  51. Coiteux, Martin & Olivier, Simon, 2000. "The saving retention coefficient in the long run and in the short run: evidence from panel data," Journal of International Money and Finance, Elsevier, vol. 19(4), pages 535-548, August.
  52. Philip R. Lane & G Milesi-Feretti, 2004. "Financial Globalization and Exchange Rates," CEP Discussion Papers dp0662, Centre for Economic Performance, LSE.
  53. Asimakopulos, A, 1983. "Kalecki and Keynes on Finance, Investment and Saving," Cambridge Journal of Economics, Oxford University Press, vol. 7(3-4), pages 221-33, September.
  54. Baxter, M. & Crucini, M.J., 1990. "Explaining Saving/Investment Correlation," RCER Working Papers 224, University of Rochester - Center for Economic Research (RCER).
  55. Robert Dekle, 1995. "Saving-investment associations and capital mobility on the evidence from Japanese regional data," International Finance Discussion Papers 496, Board of Governors of the Federal Reserve System (U.S.).
  56. Kumar Narayan, Paresh, 2005. "The relationship between saving and investment for Japan," Japan and the World Economy, Elsevier, vol. 17(3), pages 293-309, August.
  57. John F. Helliwell, 2004. "Demographic changes and international factor mobility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 369-420.
  58. Sheffrin, Steven M. & Woo, Wing Thye, 1990. "Present value tests of an intertemporal model of the current account," Journal of International Economics, Elsevier, vol. 29(3-4), pages 237-253, November.
  59. Gulley, O. David, 1992. "Are saving and investment cointegrated? : Another look at the data," Economics Letters, Elsevier, vol. 39(1), pages 55-58, May.
  60. Ghosh, Atish R & Ostry, Jonathan D, 1995. "The Current Account in Developing Countries: A Perspective from the Consumption-Smoothing Approach," World Bank Economic Review, World Bank Group, vol. 9(2), pages 305-33, May.
  61. Jerry Coakley & Ana-Maria Fuertes & Fabio Spagnolo, 2004. "Is the Feldstein-Horioka Puzzle History?," Manchester School, University of Manchester, vol. 72(5), pages 569-590, 09.
  62. Alan M. Taylor, 2002. "A Century of Current Account Dynamics," NBER Working Papers 8927, National Bureau of Economic Research, Inc.
  63. Hogendorn, Christiaan, 1998. "Capital Mobility in Historical Perspective," Journal of Policy Modeling, Elsevier, vol. 20(2), pages 141-161, April.
  64. Finn, Mary G., 1990. "On savings and investment dynamics in a small open economy," Journal of International Economics, Elsevier, vol. 29(1-2), pages 1-21, August.
  65. Jakob Haan & Clemens Siermann, 1994. "Saving, investment, and capital mobility: A comment on Leachman," Open Economies Review, Springer, vol. 5(1), pages 5-17, March.
  66. Murphy, Robert G., 1984. "Capital mobility and the relationship between saving and investment rates in OECD countries," Journal of International Money and Finance, Elsevier, vol. 3(3), pages 327-342, December.
  67. Georgopoulos, George J. & Hejazi, Walid, 2005. "Feldstein-Horioka meets a time trend," Economics Letters, Elsevier, vol. 86(3), pages 353-357, March.
  68. Sebastian Edwards, 2004. "Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops," NBER Working Papers 10276, National Bureau of Economic Research, Inc.
  69. Fry, Maxwell J., 1986. "Terms-of-trade dynamics in Asia: An analysis of national saving and domestic investment responses to terms-of-trade changes in 14 Asian LDCs," Journal of International Money and Finance, Elsevier, vol. 5(1), pages 57-73, March.
  70. Miller, Stephen M., 1988. "Are saving and investment co-integrated?," Economics Letters, Elsevier, vol. 27(1), pages 31-34.
  71. Martin Feldstein, 2005. "Monetary Policy in a Changing International Environment: The Role of Global Capital Flows," NBER Working Papers 11856, National Bureau of Economic Research, Inc.
  72. Milesi-Ferretti, G-M & Razin, A, 1996. "Current-Account Sustainability," Princeton Studies in International Economics 81, International Economics Section, Departement of Economics Princeton University,.
  73. Harberger, Arnold C, 1980. "Vignettes on the World Capital Market," American Economic Review, American Economic Association, vol. 70(2), pages 331-37, May.
  74. 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.
  75. Philip Lane & Gian Maria Milesi-Ferretti, 2001. "Long-Term Capital Movements," Trinity Economics Papers 200112, Trinity College Dublin, Department of Economics.
    • Philip R. Lane & Gian Maria Milesi-Ferretti, 2002. "Long-Term Capital Movements," NBER Chapters, in: NBER Macroeconomics Annual 2001, Volume 16, pages 73-136 National Bureau of Economic Research, Inc.
  76. Shibata, Akihisa & Shintani, Mototsugu, 1998. "Capital mobility in the world economy: an alternative test," Journal of International Money and Finance, Elsevier, vol. 17(5), pages 741-756, October.
  77. Andrew J. Abbott & Glauco De Vita, 2003. "Another Piece in the Feldstein--Horioka Puzzle," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(1), pages 69-89, February.
  78. Corbin, Annie, 2001. "Country specific effect in the Feldstein-Horioka paradox: a panel data analysis," Economics Letters, Elsevier, vol. 72(3), pages 297-302, September.
  79. Kasuga, Hidefumi, 2004. "Saving-investment correlations in developing countries," Economics Letters, Elsevier, vol. 83(3), pages 371-376, June.
  80. Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 147-210.
  81. Daniel Levy, 1995. "Investment-saving comovement under endogenous fiscal policy," Open Economies Review, Springer, vol. 6(3), pages 237-254, July.
  82. Claudia M. Buch, 2000. "Capital Market Integration in Euroland: The Role of Banks," German Economic Review, Verein für Socialpolitik, vol. 1(4), pages 443-464, November.
  83. Coakley, Jerry & Kulasi, Farida & Smith, Ron, 1996. "Current Account Solvency and the Feldstein-Horioka Puzzle," Economic Journal, Royal Economic Society, vol. 106(436), pages 620-27, May.
  84. Martin Schmidt, 2003. "Savings and investment in Australia," Applied Economics, Taylor & Francis Journals, vol. 35(1), pages 99-106.
  85. Tsung Wu Ho, 2000. "Regime-switching investment-saving correlation and international capital mobility," Applied Economics Letters, Taylor & Francis Journals, vol. 7(9), pages 619-622.
  86. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
  87. repec:ebl:ecbull:v:6:y:2007:i:12:p:1-8 is not listed on IDEAS
  88. Bayoumi, Tamim A. & Rose, Andrew K., 1993. "Domestic savings and intra-national capital flows," European Economic Review, Elsevier, vol. 37(6), pages 1197-1202, August.
  89. Orazio P. Attanasio & Lucio Picci & Antonello E. Scorcu, 2000. "Saving, Growth, and Investment: A Macroeconomic Analysis Using a Panel of Countries," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 182-211, May.
  90. Emanuela Cardia, 1992. "Crowding Out in Open Economies: Results from a Simulation Study," Canadian Journal of Economics, Canadian Economics Association, vol. 25(3), pages 708-28, August.
  91. Hamada, Koichi & Iwata, Kazumasa, 1989. "On the international capital ownership pattern at the turn of the twenty-first century," European Economic Review, Elsevier, vol. 33(5), pages 1055-1079, May.
  92. Jos Jansen, W, 1996. "Estimating saving-investment correlations: evidence for OECD countries based on an error correction model," Journal of International Money and Finance, Elsevier, vol. 15(5), pages 749-781, October.
  93. Sinha, Tapen & Sinha, Dipendra, 2004. "The mother of all puzzles would not go away," Economics Letters, Elsevier, vol. 82(2), pages 259-267, February.
  94. Iwamoto, Yasushi & van Wincoop, Eric, 2000. "Do Borders Matter? Evidence from Japanese Regional Net Capital Flows," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(1), pages 241-69, February.
  95. Hiroshi Fujiki & Yukinobu Kitamura, 1995. "Feldstein-Horioka Paradox Revisited," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 13(1), pages 1-16, July.
  96. Tesar, Linda L. & Werner, Ingrid M., 1995. "Home bias and high turnover," Journal of International Money and Finance, Elsevier, vol. 14(4), pages 467-492, August.
  97. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2002. "Does Local Financial Development Matter?," CEPR Discussion Papers 3307, C.E.P.R. Discussion Papers.
  98. Anastasios Mastroyiannis, 2007. "Current Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 4(1), pages 91-99, June.
  99. AmirKhalkhali, Saleh & Dar, Atul & AmirKhalkhali, Samad, 2003. "Saving-investment correlations, capital mobility and crowding out: some further results," Economic Modelling, Elsevier, vol. 20(6), pages 1137-1149, December.
  100. Hoffmann, Mathias, 2004. "International capital mobility in the long run and the short run: can we still learn from saving-investment data?," Journal of International Money and Finance, Elsevier, vol. 23(1), pages 113-131, February.
  101. Bassam Fattouh, 2005. "Capital mobility and sustainability: Evidence from U.S. current account data," Empirical Economics, Springer, vol. 30(1), pages 245-253, 01.
  102. Golub, Stephen S., 1990. "International capital mobility: net versus gross stocks and flows," Journal of International Money and Finance, Elsevier, vol. 9(4), pages 424-439, December.
  103. Jeffrey D. Sachs, 1981. "The Current Account and macroeconomic Adjustment in the 1970s," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 201-282.
  104. Jansen, W. Jos, 1997. "Can the intertemporal budget constraint explain the Feldstein-Horioka puzzle?," Economics Letters, Elsevier, vol. 56(1), pages 77-83, September.
  105. Frenkel, Jacob A & Razin, Assaf, 1986. "Fiscal Policies in the World Economy," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 564-94, June.
  106. Kim, Hongkee & Oh, Keun-Yeob & Jeong, Chan-Woo, 2005. "Panel cointegration results on international capital mobility in Asian economies," Journal of International Money and Finance, Elsevier, vol. 24(1), pages 71-82, February.
  107. Xie, Danyang, 1998. "An Endogenous Growth Model with Expanding Ranges of Consumer Goods and Producer Durables," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(2), pages 439-60, May.
  108. Tsung-wu Ho & Ru-Lin Chiu, 2001. "Country Size and Investment-Saving Correlation: A Panel Threshold Error Correction Model," Eastern Economic Journal, Eastern Economic Association, vol. 27(4), pages 481-490, Fall.
  109. Panicos O. Demetriades & Khaled A.Hussein, 1995. "Does Financial Development Cause Economic Growth? Time-Series Evidence from 16 Countries," Keele Department of Economics Discussion Papers (1995-2001) 95/13, Department of Economics, Keele University.
  110. Vredin, Anders & Warne, Anders, 1991. " Current Account and Macroeconomic Fluctuations," Scandinavian Journal of Economics, Wiley Blackwell, vol. 93(4), pages 511-30.
  111. Devereux, Michael P, 1996. "Investment, Saving, and Taxation in an Open Economy," Oxford Review of Economic Policy, Oxford University Press, vol. 12(2), pages 90-108, Summer.
  112. Philip R. Lane & Gian Maria Milesi-Ferretti, 2004. "Financial globalization and exchange rates," LSE Research Online Documents on Economics 19926, London School of Economics and Political Science, LSE Library.
  113. Argimon, Isabel & Roldan, JoseMaria, 1994. "Saving, investment and international capital mobility in EC countries," European Economic Review, Elsevier, vol. 38(1), pages 59-67, January.
  114. Genberg, Hans & Swoboda, Alexander K, 1992. " Saving, Investment and the Current Account," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 347-66.
  115. Douglas W. Elmendorf & Jeffrey B. Liebman, 2000. "Social Security Reform and National Saving in an Era of Budget Surpluses," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 1-72.
  116. John Barkoulas & Alpay Filizetkin & Robert Murphy, 1996. "Time series evidence on the saving-investment relationship," Applied Economics Letters, Taylor & Francis Journals, vol. 3(2), pages 77-80.
  117. Erdal Ozmen, 2005. "Macroeconomic and institutional determinants of current account deficits," Applied Economics Letters, Taylor & Francis Journals, vol. 12(9), pages 557-560.
  118. W. J. Jansen, 1996. "The Feldstein-Horioka Test of International Capital Mobility; Is it Feasible?," IMF Working Papers 96/100, International Monetary Fund.
  119. Alan M. Taylor, 1994. "Domestic Saving and International Capital Flows Reconsidered," NBER Working Papers 4892, National Bureau of Economic Research, Inc.
  120. Alessandro Penati & Michael Dooley, 1984. "Current Account Imbalances and Capital Formation in Industrial Countries, 1949-81 (Déséquilibres des transactions courantes et formation de capital dans les pays industrialisés, 1949-81) (Los deseq," IMF Staff Papers, Palgrave Macmillan, vol. 31(1), pages 1-24, March.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:eee:reecon:v:63:y:2009:i:2:p:64-76. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.