SAVING–INVESTMENT DYNAMICS AND CAPITAL MOBILITY IN THE NEWLY INDUSTRIALIZED COUNTRIES

Smruti Ranjan Behera ()
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Smruti Ranjan Behera: Department of Humanities and Social Sciences, Indian Institute of Technology Ropar, Nangal Road, Rupnagar, Punjab 140001, India

The Singapore Economic Review (SER), 2017, vol. 62, issue 02, 403-422

Abstract: This paper examines the dynamics of saving–investment (S–I) relationship in a group of 10 newly industrialized countries (NICs) over the period from 1970 to 2010 using a panel error correction model. By applying the Pedroni and Westerlund cointegration tests, we find that the saving and investment are cointegrated. We apply the fully modified OLS and dynamic OLS to a set of panel error correction models to estimate the short-and long-run relationship between S–I rates and interest rate differentials. We find that the degree of capital mobility is higher when the NICs are more open to their capital control policies after 1980s.

Keywords: Capital mobility; saving; investment; error correction models (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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DOI: 10.1142/S0217590815500976

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