International capital mobility in developing countries: theory and evidence

Article Abstract:

Research was conducted to test the level of capital mobility, using the intertemporal consumption-smoothing framework, in nine developing countries. Evidences suggest that capital in the developing countries is sufficiently mobile to facilitate consumption smoothing during shocks to the national cash flow. Moreover, dynamic responses of other components offset the impact of shocks to national cash flow components on the current account.

Administration of General Economic Programs, Intnl Economic Policy, Finance, Balance of payments, Developing countries, International economic relations, Cash flow

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International capital mobility: evidence from panel data

Article Abstract:

Panel analysis of annual data was carried out to demonstrate that the effect of savings on investment is not as large as previously computed and to provide evidence concerning international capital mobility. Specifically, panel data from 1962 to 1990 for 21 industrial nations were used to show that a 'country's intertemporal budget constraint biases' yields from time-averaged data to support conclusions of capital immobility.

Economic aspects, Investments, Industrialized countries, Industrial nations

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The international allocation of savings with quadratic transaction (or risk) costs

Article Abstract:

A study was conducted to analyze the effect of adding quadratic transaction costs to a model that defines an international financial system with a solid center and a separated fringe. Two interdependent economies in a stationary state are used in the model. The addition of risk costs may define the connection between and within countries and complete the model used. Limitations of the study are presented.

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