Domestic Saving and International Capital Movements in the Long Run and the Short Run

  title={Domestic Saving and International Capital Movements in the Long Run and the Short Run},
  author={Martin S. Feldstein},
  journal={NBER Working Paper Series},
  • M. Feldstein
  • Published 1 July 1982
  • Economics
  • NBER Working Paper Series
National Saving and International Investment
This paper extends earlier work by Feldstein and Horioka on the relation between domestic saving rates and international capital flows or, equivalently, between domestic saving rates and domestic
Monetary Policy in a Changing International Environment: The Role of Global Capital Flows
The Feldstein-Horioka study of 1980 found that OECD countries with high saving rates had high investment rates and vice versa, contrary to the traditional theory of global capital market integration.
Quantifying International Capital Mobility in the 1980s
The Feldstein-Horioka finding, that national saving and investment have been highly correlated in the past, has not been primarily due to econometric problems such as endogenous fiscal policy; it has
Long Run and Short Run Saving- Investment Relationship in India
The present study examines short and long run relationship between gross domestic savings and investment as well as corporate sector savings and corporate sector investment in India using Engel
Saving-Investment Correlation and Capital Flows: The Philippines 1960-2014
With greater financial liberalization, the intrinsic link between domestic saving-investment correlation and international capital mobility is gaining increasing importance. Notwithstanding the
International Capital Mobility: A Panel Analysis for OECD Countries
This paper investigates the savings-investment relationship, also known as the Feldstein-Horioka puzzle, for a panel of 30 OECD countries over 1960-2006. It utilizes the recently-developed panel
National Saving-Investment Dynamics and International Capital Mobility
The authors analyze the dynamics of national saving-investment relationships to determine the degree of international capital mobility. Following Coakley and Kulasi (1997), the authors interpret the
On the Fiscal Policy Implications of Low Capital Mobility: Some Further Evidence from Cross-Country, Time-Series Data
In an attempt to determine whether an increase in a nation's private saving, stimulated (say) by tax policies, raises domestic investment or flows abroad, Feldstein and Horioka [4] and Feldstein [2]
Do capital controls affect the response of investment to saving? evidence from the Pacific Basin
This paper examines the effect of capital controls on the response of investment to savings in Pacific Basin countries. A robust finding is that the size of the savings coefficient tends to be


Monetary Policy and the New View of International Capital Movements
UNTIL FAIRLY RECENTLY, THE STANDARD THEORY concerning international financial capital flows-movements of nondirect investment items in the capital account-related capitalfiows to levels of interest
The Current Account and macroeconomic Adjustment in the 1970s
DURING THE PAST DECADE, the behavior of international capital flows, current account balances, and exchange rates have puzzled economists and preoccupied policymakers. The period has been marked by
International Effects on the U.S. Capital Market
This paper presents evidence bearing on the question of international influences on the U.S. capital market. Both the examination of relative magnitudes of international asset holdings and the
Domestic Tax Policy and Foreign Investment: Some Evidence
Investment abroad has come to play a major role in the total investment undertaken by U.S. firms. Despite this development, very little attention has been paid to the impacts of domestic tax policy
Aspects of the Current Account Behavior of OECD Economies
This essay examines some aspects of capital flows within the OECD, and outlines a framework for analyzing current account movements. In both the theoretical and empirical sections, I argue for the
Issues in the Taxation of Foreign Source Income
This paper examines some aspects of the tax treatment of U.S. multinational corporations. The emphasis is on problems of coordination of the different tax systems faced by the firms. The U.S.
Social Security and Private Savings: International Evidence in an Extended Life Cycle Model
The extended life-cycle model shows that the impact of social security on private savings depends on two opposing effects: wealth replacement and induced retirement. The net impact can be determined
The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates
I. Introduction, 227. — II. The static system, 229. — III. The dynamic systems, 233. — IV. The crucial role of capital movements, 237. — V. Foreign exchange reserves, 242. — VI. Speculation, 246. —
Vignettes on the World Capital Market
This paper is motivated by a sense that we as a profession need to understand, much better than we now do, how the world capital market works. We seem to be genuinely schizophrenic in the ways we