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Domestic Savings and International Capital Flows, W.A. Mackintosh Lecture 1979

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  • Martin Feldstein
  • Charles Horioka

Abstract

This paper uses new statistical estimates to compare two views of international capital mobility. With perfect capital mobility, there would be little or no relation between the amount of saving generated in a country and domestic investment in that country. In contrast, if portfolio preferences and institutional rigidities impede the flow of long-term capital among countries, increases in domestic savings would be reflected primarily in additional domestic investment. The statistical evidence present implies the truth lies closer to the second view than the first. International differences in domestic savings rates among major industrial countries have resulted in almost equal corresponding differences in domestic investment rates.

Suggested Citation

  • Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows, W.A. Mackintosh Lecture 1979," Working Paper 331, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:331
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    Cited by:

    1. Feldstein, Martin, 1980. "International differences in social security and saving," Journal of Public Economics, Elsevier, vol. 14(2), pages 225-244, October.
    2. Martin Feldstein, 1993. "Government Spending and Budget Deficits in the 1980s: A Personal View," NBER Working Papers 4324, National Bureau of Economic Research, Inc.
    3. Marceli Hązła & Ewa Mińska‐Struzik, 2023. "How to assess economic progress in the era of discontinuity?," Global Policy, London School of Economics and Political Science, vol. 14(2), pages 331-348, May.
    4. Mohti, Wahbeeah & Dionísio, Andreia & Vieira, Isabel & Ferreira, Paulo, 2019. "Regional and global integration of Asian stock markets," Research in International Business and Finance, Elsevier, vol. 50(C), pages 357-368.
    5. Dähler, Timo, 2020. "Bias or ignorance? The politics and economics behind sovereign credit ratings," MPRA Paper 103965, University Library of Munich, Germany.
    6. Feldstein, Martin, 1995. "Fiscal policies, capital formation, and capitalism," European Economic Review, Elsevier, vol. 39(3-4), pages 399-420, April.
    7. Tomoo Kikuchi & Satoshi Tobe, 2021. "Does Foreign Debt Contribute to Economic Growth?," Papers 2109.10517, arXiv.org, revised Nov 2022.
    8. Martin Feldstein, 1993. "The Dollar and the Trade Deficit in the 1980s: A Personal View," NBER Working Papers 4325, National Bureau of Economic Research, Inc.
    9. R. M. Ammar Zahid & Can Simga‐Mugan, 2024. "The impact of International Financial Reporting Standards adoption on the integration of capital markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 229-250, January.
    10. Limodio,Nicola & Strobbe,Francesco, 2016. "Financial regulation and government revenue : the effects of a policy change in Ethiopia," Policy Research Working Paper Series 7733, The World Bank.
    11. Emara, Noha & KASA, Hicran, 2020. "The Non-Linear Relationship between Financial Access and Domestic Savings," MPRA Paper 99256, University Library of Munich, Germany.

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