INTERNATIONAL AND REGIONAL CAPITAL MOBILITY IN LATIN AMERICAN COUNTRIES
研究了拉丁美洲及加勒比地区及其三个区域一体化组织（SICA、安第斯共同体、南方共同市场）中全球、区域和国内储蓄对国内投资融资的作用，发现全球储蓄是主要来源，区域和国内储蓄作用有限。
This study examines the role of global, regional and domestic saving for domestic investment financing in the panel of Latin American and Caribbean countries along with its three regional integration blocks, namely SICA, Andean Community and MERCOSUR. Panel regression and rolling-window estimation results reveal that global saving is the main source of domestic investment financing in the region of Latin America and the Caribbean, SICA, Andean Community and MERCOSUR. The role of domestic and regional savings is rather limited, implying that there are weak regional and domestic channels that can funnel domestic and regional savings into investment in the analysed samples. The importance of regional agreement saving is insignificant and decreases over the analysed period except for the Andean Community. The results indicate low financial integration of the member-countries within the three regional trade agreements.