Domestic Savings and International Capital Flows

30 Pages Posted: 27 Apr 2000 Last revised: 23 Jan 2002

See all articles by Martin S. Feldstein

Martin S. Feldstein

National Bureau of Economic Research (NBER) (deceased); Harvard University (deceased)

Charles Yuji Horioka

Kobe University; National Bureau of Economic Research; Asian Growth Research Institute; Osaka University

Date Written: 1979

Abstract

How internationally mobile is the world's supply of capital? Does capital flow among industrial countries to equalize the yield to investors? Alternatively, does the saving that originates in a country remain 'to be invested there? Or does the truth lie somewhere between these two extremes? The answers to these questions are not only important for understanding the international capital market but are also critical for analyzing a wide range of issues including the nation's optimal rate of saving and the incidence of tax changes.

Suggested Citation

Feldstein, Martin S. and Horioka, Charles Yuji, Domestic Savings and International Capital Flows (1979). NBER Working Paper No. w0310, Available at SSRN: https://ssrn.com/abstract=227038

Martin S. Feldstein (Contact Author)

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Charles Yuji Horioka

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