Comparing Capital Mobility Across Provincial and National Borders

John Helliwell and Ross McKitrick

No 6624, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The persistence of high savings-investment correlations and home-country bias in portfolio construction at the national level is contrasted with new evidence of savings behaviour in Canadian provinces. We confirm that national borders clearly divert flows of capital to domestic investments, but provincial borders have no such effect. In particular, while there is a significant correlation between national savings and investment, among provinces that effect disappears. We discuss the implications for interpreting the distinction between provincial and national borders.

JEL-codes: F02 F21 (search for similar items in EconPapers)
Date: 1998-06
New Economics Papers: this item is included in nep-cdm and nep-pub
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Citations: View citations in EconPapers (11)

Published as John F. Helliwell & Ross McKitrick, 1999. "Comparing Capital Mobility across Provincial and National Borders," The Canadian Journal of Economics / Revue canadienne d'Economique, vol 32(5).

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Journal Article: Comparing Capital Mobility Across Provincial and National Borders (1999)
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