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A Noteon Saving-Investment Correlations in the EMS

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  • International Monetary Fund

Abstract

This paper extends recent work by Feldstein and Horioka (1980) and Bayoumi (1990), and examines saving-investment correlations for industrial countries in the post-war period. The focus of the enquiry is on differences observed between EMS and non-EMS countries. It is seen that the EMS countries exhibit much lower saving-investment correlations than their non-EMS counterparts. This result supports the hypothesis that exchange rate stability achieved in the EMS has been an important factor in promoting international capital mobility.

Suggested Citation

  • International Monetary Fund, 1990. "A Noteon Saving-Investment Correlations in the EMS," IMF Working Papers 1990/097, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/097
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