haku: @author Shibata, A. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Shibata, A. Shintani, M. |
| Otsikko: | Capital mobility in the world economy: an alternative test. |
| Lehti: | Journal of International Money and Finance
1998 : OCT, VOL. 17:5, p. 741-756 |
| Asiasana: | Current account International capital movements Life cycle income |
| Kieli: | eng |
| Tiivistelmä: | The authors propose a new measure and test of international capital mobility. In order to investigate capital flows, they utilize a small open economy version of Campbell and Mankiw's (NBER Macroeconomic Annual 1989:185-216) permanent income model. Their capital mobility measure focuses on the correlation between the country's consumption and net output instead of the correlation between domestic saving and domestic investment proposed by Feldstein and Horioka (Economic Journal 90(1980)314-329). The model is estimated for 11 OECD countries, The results suggest that the null hypothesis of perfect capital mobility constraints are detected for several countries including the United States and Japan. |
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