IDEAS home Printed from
   My bibliography  Save this article

Composantes permanente et transitoire de l'épargne et de l'investissement : une étude empirique des flux internationaux de capitaux au Japon


  • Éric Girardin
  • Lucio Sarno
  • Mark P. Taylor


[eng] Transitory and permanent components of saving and investment: an empirical study of . international capital flows in Japan by Eric Girardin, Lucio Sarno and Mark P. Taylor . This paper presents an empirical study of the difference between the short- and the long-run saving-investment correlation coefficient using quarterly Japanese data, in an attempt to shed light both on the Feldstein-Horioka regression's validity in quantifying the degree of international capital mobility and on its implications. We also empirically assess the effectiveness of the abolition of exchange controls, which removed all restrictions on capital flows between Japan and the international economy in 1980. Consistent with our economic intuition and the logical consequences of the Feldstein-Horioka interpretation, our results suggest that the short-run saving-investment association is significantly stronger than the corresponding long-run association and, in contrast with much of the relevant empirical literature, Japan appears to have been highly financially integrated into the global economy since 1980. pital flows ; transitory and permanent components ; Kalman filter. [fre] Composantes permanente et transitoire de l'épargne et de l'investissement : une étude empirique . des flux internationaux de capitaux au Japon par Eric Girardin, Lucio Sarno et Mark P. Taylor .. . Cet article présente une étude empirique de la différence entre les coefficients de corrélation de court et de long terme entre l'épargne et l'investissement en utilisant des données trimestrielles japonaises, afin d'apporter un éclairage à la fois sur la validité de la régression de Feldstein-Horioka pour mesurer le degré de mobilité internationale du capital et sur ses conséquences. Nous évaluons également empiriquement l'efficacité de l'abolition des contrôles des changes qui en 1980 a supprimé toute restriction sur les mouvements de capitaux entre le Japon et l'économie internationale. En conformité avec nos a priori d'économistes et avec les conséquences logiques de l'interprétation de Feldstein et Horioka, nos résultats suggèrent que l'association de court terme entre l'épargne et l'investissement est significativement plus forte que l'association de long terme correspondante et qu'en opposition avec la plus grande partie de la littérature empirique dans ce domaine, le Japon apparaît être fortement intégré financièrement avec l'économie globale depuis 1980.

Suggested Citation

  • Éric Girardin & Lucio Sarno & Mark P. Taylor, 1999. "Composantes permanente et transitoire de l'épargne et de l'investissement : une étude empirique des flux internationaux de capitaux au Japon," Économie et Prévision, Programme National Persée, vol. 140(4), pages 117-131.
  • Handle: RePEc:prs:ecoprv:ecop_0249-4744_1999_num_140_4_5979
    Note: DOI:10.3406/ecop.1999.5979

    Download full text from publisher

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:ecoprv:ecop_0249-4744_1999_num_140_4_5979. 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: (Equipe PERSEE). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.