Saving, investment, and capital mobility: A comment on Leachman
Tóm tắt
In this note we use a consistent long-run data set recently published by Maddison (1991) for 10 countries to examine the long-run relationship between saving and investment. In contrast to recent findings of Leachman (1991) we conclude that saving and investment are cointegrated in many countries. Our results suggest that aggregate demand and supply shocks explain much of the time series correlation between total saving and investment.
Tài liệu tham khảo
Bayoumi, T. (1990) “Saving-Investment Correlations.”IMF Staff Papers 37, 360–387.
Dooley, M., J. Frankel, and D. Mathieson (1987) “International Capital Mobility: What Do Saving-Investment Correlation Tell Us?”IMF Staff Papers 34, 503–530.
Engle, R.F. and C.W.J. Granger (1987) “Cointegration and Error Correction: Representation, Estimation and Testing,”Econometrica 55, 251–276.
Feldstein, M. (1983) “Domestic Saving and International Capital Movements in the Long Run and the Short Run,”European Economic Review 21, 129–151.
Feldstein, M. and C. Horioka (1980) “Domestic Saving and International Capital Flows,”The Economic Journal 90, 314–329.
Feldstein, M. and P. Bacchetta (1989) “National Saving and International Investment,”NBER Working Paper, No. 3164.
Fieleke, N. (1982) “National Saving and International Investment.” InSaving and Government Policy, Federal Reserve Bank of Boston Conference Series No. 25, pp. 138–157.
Frankel, J. (1986) “International Capital Mobility and Crowding Out in the U.S. Economy.” In R. Hafer (ed),How Open Is the U.S. Economy? Lexington, Mass.: Lexington Books, pp. 33–67.
Frankel, J. (1989) “Quantifying International Capital Mobility in the 1980s,”NBER Working Paper, No. 1773.
Leachman, L. (1991) “Saving, Investment, and Capital Mobility Among OECD Countries,”Open Economies Review 2, 137–163.
Maddison, A. (1991) “A Long Run Perspective on Saving,” University of Groningen, Institute of Economic Research,Research Memorandum, nr. 443. An abbreviated version of this paper has been published in theScandinavian Journal of Economics 94, 181–196.
Murphy, R. (1984) “Capital Mobility and the Relationship Between Saving and Investment in OECD Countries,”Journal of International Money and Finance 3, 327–342.
Penati, A. and M. Dooley (1984) “Current Account Imbalances and Capital Formation in Industrial Countries, 1949–1981,”IMF Staff Papers 31, 1–24.
Summers, L. (1988) “Tax Policy and International Competitiveness.” In J. Frenkel (ed),International Aspects of Fiscal Policy, Chicago: University of Chicago Press, pp. 349–380.
Tesar L.L. (1991) “Savings, Investment, and International Capital Flows,”Journal of International Economics 31, 55–78.