Explaining saving-investment correlations
用一个定量约束的均衡模型证明，在金融和实物资本完全流动的情况下，国民储蓄与投资率之间的正相关关系自然出现，且模型能解释大国相关性更高、小国相关性仍显著以及经常账户赤字常伴随投资繁荣的现象。
National saving and investment rates are highly positively correlated in virtually all countries. This is puzzling, as it apparently implies a low degree of international capital mobility. This paper shows that the observed positive correlation between national saving and investment rates arises naturally within a quantitatively restricted equilibrium model with perfect mobility of financial and physical capital. The model is consistent with the fact that saving-investment correlations are larger for larger countries but are still substantial for small countries. Further, the model is consistent with the finding that current-account deficits tend to be associated with investment booms. Copyright 1993 by American Economic Association.