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Correlação Poupança-Investimento: Indicador De Mobilidade De Capitais Ou De Solvência?


  • Fabiana Rocha
  • Maria Beatriz Zerbini


The purpose of this paper is to use the literature which evaluates the external sustainability condition to evaluate the original equation of Feldstein and Horioka. We conclude that the saving-investment correlation calculated using cross-sectional data measures the solvency condition instead of the degree of capital mobility. Error-correction models could be an alternative to distinguish between the long-run correlation, which reflects solvency, and the short-run correlation which could measure capital mobility. Applying these models to a panel of 29 developing countries we obtain evidence of an intermediate degree of capital mobility.

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  • Fabiana Rocha & Maria Beatriz Zerbini, 2004. "Correlação Poupança-Investimento: Indicador De Mobilidade De Capitais Ou De Solvência?," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 072, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2004:072

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    JEL classification:

    • F2 - International Economics - - International Factor Movements and International Business
    • F3 - International Economics - - International Finance


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