Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/148190 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 962
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
This paper shows that global capital markets cannot, by themselves, achieve net transfers of financial capital between countries and that both the integration of global financial markets as well as the integration of global goods markets are needed to achieve net transfers of capital between countries. Frictions (barriers to mobility) in one or both of these markets can impede net transfers of capital between countries, produce the Feldstein and Horioka (1980) results, and prevent real interest rates from being equalized across countries. Moreover, there is empirical evidence that barriers to the mobility of goods and services are an important obstacle to international capital mobility.
Schlagwörter: 
Barriers to capital mobility
Feldstein-Horioka paradox
Feldstein-Horioka puzzle
financial market integration
goods market integration
international capital flows
international capital mobility
net transfers of capital
real interest rate equalization
real interest rate parity
saving-investment correlations
trade frictions
JEL: 
F21
F32
F36
G15
Dokumentart: 
Working Paper

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