Saving, investment, and capital mobility: A comment on Leachman

Jakob Haan and Clemens Siermann

Open Economies Review, 1994, vol. 5, issue 1, 5-17

Abstract: 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. Copyright Kluwer Academic Publishers 1994

Keywords: capital mobility; Feldstein-Horioko test; saving-investment correlation; cointegration (search for similar items in EconPapers)
Date: 1994
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DOI: 10.1007/BF01000740

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