Is capital really mobile across the border?
The existing theories on capital mobility use either the saving-investment parity condition or the interest parity condition. The assumptions of balanced budget or purchasing power parity condition underlying these theories, however, are rarely met. This study, therefore develops a different approach called 'current account surplus saving surplus parity condition' to measure the degree of capital mobility and apply the model on US time series data. It is found that US capital is mobile internationally.
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Volume (Year): 13 (2006)
Issue (Month): 8 ()
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"National Saving and International Investment,"
NBER Working Papers
3164, National Bureau of Economic Research, Inc.
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"Exchange Controls, Capital Controls, and International Financial Markets,"
American Economic Review,
American Economic Association, vol. 78(3), pages 362-74, June.
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- Martin Feldstein & Charles Horioka, 1979.
"Domestic Savings and International Capital Flows,"
NBER Working Papers
0310, National Bureau of Economic Research, Inc.
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