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Domestic Savings and International Capital Flows

  • Martin Feldstein
  • Charles Horioka

How internationally mobile is the world's supply of capital? Does capital flow among industrial countries to equalize the yield to investors? Alternatively, does the saving that originates in a country remain 'to be invested there? Or does the truth lie somewhere between these two extremes? The answers to these questions are not only important for understanding the international capital market but are also critical for analyzing a wide range of issues including the nation's optimal rate of saving and the incidence of tax changes.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0310.

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Date of creation: Jan 1979
Date of revision:
Publication status: published as Feldstein, Martin and Horioka, Charles. "Domestic Saving and International Capital Flows." The Economic Journal, Vol. 90, (June 1980), pp. 314-329.
Handle: RePEc:nbr:nberwo:0310
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  1. Martin Feldstein, 1979. "International Differences in Social Security and Saving," NBER Working Papers 0355, National Bureau of Economic Research, Inc.
  2. Jagdish N. Bhagwati, 1978. "Anatomy and Consequences of Exchange Control Regimes," NBER Books, National Bureau of Economic Research, Inc, number bhag78-1, December.
  3. Frenkel, Jacob A & Levich, Richard M, 1977. "Transaction Costs and Interest Arbitrage: Tranquil versus Turbulent Periods," Journal of Political Economy, University of Chicago Press, vol. 85(6), pages 1209-26, December.
  4. Feldstein, Martin S, 1974. "Incidence of a Capital Income Tax in a Growing Economy with Variable Savings Rates," Review of Economic Studies, Wiley Blackwell, vol. 41(4), pages 505-13, October.
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