Investment and Saving in an Open Economy: Further Results

John Thornton

Economia Internazionale / International Economics, 1997, vol. 50, issue 1, 111-116

Abstract: This note presents results from estimates of the Feldstein and Horioka (1980) investment-saving equation using pooled annual data for 21 OECD economies over the period 1960-94. The results indicate that international capital mobility is substantially higher than suggested by Feldstein and Horioka, and that it has increased over time. Contrary to the view expressed by Feldstein (1994), domestic policies that alter domestic saving are about as equally likely to change investment as they are to see the higher domestic savings enter the pool of world savings.

Date: 1997
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