CORRELAÇÃO POUPANÇA-INVESTIMENTO: INDICADOR DE MOBILIDADE DE CAPITAIS OU DE SOLVÊNCIA?

Fabiana Rocha and Maria Beatriz Zerbini

Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: The purpose of this paper is to use the literature which evaluates the external sustainability condition to evaluate the original equation of Feldstein and Horioka. We conclude that the saving-investment correlation calculated using cross-sectional data measures the solvency condition instead of the degree of capital mobility. Error-correction models could be an alternative to distinguish between the long-run correlation, which reflects solvency, and the short-run correlation which could measure capital mobility. Applying these models to a panel of 29 developing countries we obtain evidence of an intermediate degree of capital mobility.

JEL-codes: F2 F3 (search for similar items in EconPapers)
Date: 2004
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