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The Feldstein–Horioka puzzle and capital mobility: a review

✍ Scribed by Jerry Coakley; Farida Kulasi; Ron Smith

Publisher
John Wiley and Sons
Year
1998
Tongue
English
Weight
202 KB
Volume
3
Category
Article
ISSN
1076-9307

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✦ Synopsis

This paper reviews how economists responded to the Feldstein -Horioka (FH) view that a high saving-investment association across OECD countries implied low capital mobility. This posed an uncomfortable puzzle since the conventional wisdom in most exchange rate and open-economy macroeconomic models was that capital mobility was high. In the face of a variety of replications, the FH result of a high cross-section association between saving and investment rates in OECD countries has remained remarkably robust. The debate over whether saving-investment comovements are informative about capital mobility is still unresolved although the sceptics appear to be in the ascendancy.

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