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Exchange controls, international capital flows and saving-investment correlations in the UK : an empirical investigation
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Sarno, Lucio and Taylor, Mark P. (1998) Exchange controls, international capital flows and saving-investment correlations in the UK : an empirical investigation. Weltwirtschaftliches Archiv - Review of World Economics, 134 (1). pp. 69-98. doi:10.1007/BF02707579 ISSN 0043-2636.
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Official URL: http://dx.doi.org/10.1007/BF02707579
Abstract
Exchange Controls, International Capital Flows and Saving-Investment Correlations in the UK: An Empirical Investigation. - This paper reexamines the Feldstein-Horioka approach to measure the degree of international capital mobility, focusing on the difference between the short-run and the long-run saving-investment correlation coefficient. The authors also investigate the effectiveness of the abolition of exchange control which, in October 1979, ended a long period of restrictions on capital flows between the UK and the international economy. Their results suggest that the short-run saving-investment correlation is significantly higher than the long-run one. Unlike most of the relevant literature, the empirical evidence suggests that the UK is financially highly integrated with the world economy after 1979.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
Journal or Publication Title: | Weltwirtschaftliches Archiv - Review of World Economics | ||||
Publisher: | Springer | ||||
ISSN: | 0043-2636 | ||||
Official Date: | 1998 | ||||
Dates: |
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Volume: | 134 | ||||
Number: | 1 | ||||
Page Range: | pp. 69-98 | ||||
DOI: | 10.1007/BF02707579 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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