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|z 9781451852356
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|a Jansen, W.
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|a The Feldstein-Horioka Test of International Capital Mobility :
|b Is it Feasible? /
|c W. Jansen.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1996.
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|a 1 online resource (30 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Feldstein and Horioka (1980) argued that the correlation of saving and investment in a cross-section of countries may provide a test of global capital mobility. This paper argues that neither the long-run nor the short-run correlation can serve as a reliable basis for such a test. The intertemporal budget constraint implies that each country's saving and investment should be cointegrated over time. Simulations show that the cross-section regressions used in the literature will produce correlations that strongly tend towards one, regardless of the degree of capital mobility. Although the short-run correlation is not affected by the intertemporal budget constraint, the empirical analysis shows it is primarily a country-specific business cycle fact.
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|a Mode of access: Internet
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|a Germany
|2 imf
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|a IMF Working Papers; Working Paper ;
|v No. 1996/100
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1996/100/001.1996.issue-100-en.xml
|z IMF e-Library
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