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Do Borders Matter? Evidence from Japanese Regional Net Capital Flows

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  • Iwamoto, Yasushi
  • van Wincoop, Eric

Abstract

Are international borders barriers to capital flows? We use evidence on net capital flows among regions within a country as a benchmark. For this purpose we develop a data set of saving and investment rates of Japanese prefectures. We find that the correlation between saving and investment rates is higher for OECD countries than for Japanese regions in both time-series and cross-sectional data. After controlling for factors that are expected to contribute to a positive correlation in the absence of barriers to capital flows, we conclude that primarily long-term capital flows are hindered by national borders, as reflected in the cross-sectional evidence. Copyright 2000 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • 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 241-269, February.
  • Handle: RePEc:ier:iecrev:v:41:y:2000:i:1:p:241-69
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