Savings, investment and foreign capital flows: Have capital markets become more integrated?
检验了工业化国家和发展中国家资本流动性的变化，发现工业化国家国内储蓄与投资关联减弱，表明资本市场一体化增强，但这一趋势并未扩展到发展中国家。
How mobile is capital across countries? Does the expansion of world financial markets in the 1970s and 1980s reflect a tendency towards one integrated world capital market, accessible for both industrialised and developing countries? Or, alternatively, are savings and investment rates for each economy closely tied because of international capital market imperfections? This article critically assesses recent studies that have tested these hypotheses empirically for industrialised countries, presents new evidence and expands data analysis to include the group of developing countries. Contrary to recent studies it is concluded that across industrialised countries domestic investment and savings are now much less closely linked than in the 1960s. But the larger capital market integration does not extend to the group of developing countries despite their increased use of funds from international financial markets to finance domestic investment. The exploratory nature of the data analysis only permits to draw some suggestive, though important, conclusions for economic theory and policy. Notes Institute of Social Studies, The Hague. The author is indebted to Joan Verloren van Themaat, the editors of The Journal of Development Studies and an anonymous referee for valuable comments on earlier drafts of this article.