000			01968cam a2200217 4500500
005			20250112052651.0
041			_afre
042			_adc
100	1	0	_aBerdot, Jean-Pierre _eauthor
700	1	0	_a Kébabdjian, Gérard _eauthor
700	1	0	_a Léonard, Jacques _eauthor
245	0	0	_aInvestment-Saving Correlations and International Capital Mobility
260			_c2003.
500			_a33
520			_aAccording to conventional wisdom, international capital mobility has increased significantly over the last twenty years due to financial globalization. Surprisingly, the empirical work carried out by Feldstein-Horioka and most subsequent research fails to confirm this increase in capital mobility. However, when econometric results are reconsidered, new evidence appears which challenges the usual empirical findings. Feldstein-Horioka-related regressions suggest that international mobility has actually increased in the long run, and moreover that the early 1980s saw an acceleration in this upward trend. This is the case for all industrialized countries, whatever their size. Nevertheless, for emerging countries saving and investment rates are still highly correlated. Taken as a whole, a lower investment-saving correlation is related to higher independence of international capital flows with respect to domestic savings. We find that the linear relationship between investment and savings rates hinges on a pivotal point, which is the global saving rate. This criterion makes it possible to classify countries according to their respective situations. Thus, it appears that countries have not benefited equally from the liberalization of financial markets.
690			_acapital flows
690			_aglobalisation
690			_afinancial integration.
786	0		_nRecherches économiques de Louvain | 69 | 1 | 2003-03-01 | p. 5-39 | 0770-4518
856	4	1	_uhttps://shs.cairn.info/journal-recherches-economiques-de-louvain-2003-1-page-5?lang=en
999			_c207349 _d207349