International Capital Mobility Amongst the Major Industrialised Countries: Too Little or Too Much?
评估了Feldstein和Horioka关于国际资本流动性有限的论断，指出储蓄-投资相关性检验存在固有缺陷，并提出替代方法。研究发现资本流动过度，主要由投机力量而非经济基本面驱动。
This paper examines capital flows amongst the major industrialised countries with a view to assessing Feldstein and Horioka's claim that international capital mobility is limited. It argues that saving-investment correlation tests are inherently flawed, and propose an alternative methodology for testing the degree of international capital mobility. It finds that capital flows have been excessive, in the sense that they are driven by speculative forces rather than by economic fundamentals.