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150128 ||| eng |
| 020 |
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|a 9781451852356
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| 100 |
1 |
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|a Jansen, W.
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| 245 |
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0 |
|a The Feldstein-Horioka Test of International Capital Mobility
|b Is it Feasible?
|c W. Jansen
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1996
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| 300 |
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|a 30 pages
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| 651 |
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4 |
|a Germany
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| 653 |
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|a Business cycles
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| 653 |
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|a Finance
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| 653 |
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|a Short-term Capital Movements
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| 653 |
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|a Current account
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| 653 |
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|a Budget Systems
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| 653 |
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|a Capital markets
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| 653 |
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|a Current Account Adjustment
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| 653 |
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|a Capital market
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| 653 |
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|a Balance of payments
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Budget planning and preparation
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| 653 |
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|a Exports and Imports
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a International economics
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| 653 |
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|a Budgeting
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| 653 |
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|a Financial markets
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| 653 |
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|a Economic growth
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| 653 |
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|a Budget
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Public financial management (PFM)
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| 653 |
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|a Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
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| 653 |
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|a National Budget
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| 653 |
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|a Budgeting & financial management
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| 653 |
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|a Finance: General
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781451852356.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/1996/100/001.1996.issue-100-en.xml?cid=2076-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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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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