Capital mobility in the world economy: an alternative test
提出一种新的国际资本流动性度量方法，基于小国开放经济版本的永久收入模型，通过消费与净产出的相关性替代传统储蓄-投资相关性，对11个OECD国家进行检验，发现半数以上国家存在完全资本流动性，但美国、日本等存在约束。
This paper proposes a new measure and test of international capital mobility. In order to investigate capital flows, we utilize a small open economy version of Campbell and Mankiw's [NBER Macroeconomic Annual (1989) 185–216] permanent income model. Our capital mobility measure focuses on the correlation between the country's consumption and net output instead of the correlation between domestic saving and domestic investment proposed by Feldstein and Horioka [Economic Journal 90 (1980) 314–329]. The model is estimated for 11 OECD countries. The results suggest that the null hypothesis of perfect capital mobility cannot be rejected for more than a half of these countries. On the other hand, some kind of capital mobility constraints are detected for several countries including the United States and Japan.