Qual è il grado di mobilità internazionale dei capitali nelle economie industrializzate? - What is the degree of international capital mobility in advanced economies?
The use of the saving-investment regressions in the evaluation of the degree of capital mobility has promoted considerable debate since the paper by Feldstein and Horioka (1980). The high correlation at national level and the corresponding low international capital mobility might be due to the reduced form of the regressions .and less ambiguous results can be obtained through geographical or sectoral disaggregation. This work considers, in particular, two important aspects of the saving-investment regression approach: the time period and the country heterogeneity. High positive correlations emerge also in this case and support the interpretation by Feldstein and Horioka. Empirical evidence suggests, moreover, a progressive increase in international capital mobility in the period 1960-91 for industrialized (OECD) countries.
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Volume (Year): 49 (1996)
Issue (Month): 2 ()
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