Saving-investment associations and capital mobility on the evidence from Japanese regional data
利用日本区域数据，发现总储蓄投资率中政府部分呈负相关，而私人部分储蓄保留系数接近零，支持资本高度流动下系数为零的假说。
The paper examines the magnitude of the ‘saving retention coefficient,’ b, in a setting of known near perfect capital mobility, Japanese regions. First, we find that on total regional saving and investment rate data, inclusive of regional government saving and investment, the estimate of b is negative. This negative relationship in the total rates across Japanese regions appears to arise from the strong negative association in the government saving and investment rates. Second, on private regional investment and saving rate data, b is insignificantly different from zero. This is evidence consistent with the hypothesis of Feldstein and Horioka (Economic Journal, 1980) that in a financially integrated economy b would be close to zero.