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Saving, investment and international capital mobility

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  • Jacques Janvier Okoué EDOU

Abstract

This article relates to the econometric checking of M. Feldstein and C. Horioka’s model in Gabon. Like the study achieved by these two authors relatively to the measurement of the capital international mobility, it proposes to analyze, on the econometric plan, the relation Domestic Saving (S) – Domestic Investment (I) of Gabon over the period 1975-2003. Within this framework, it shows that Gabonese interior investment was indeed financed, during the period of study, by Gabonese interior savings. This situation supposes an imperfect international capital mobility or a weak degree of financial integration, main conclusion to which had also led M. Feldstein and C. Horioka.

Suggested Citation

  • Jacques Janvier Okoué EDOU, 2020. "Saving, investment and international capital mobility," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(1), pages 56-69, June.
    • Handle: RePEc:jaf:journl:v:11:y:2020:i:1:n:277
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    References listed on IDEAS

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    1. Tobin, James, 1983. "'Domestic saving and international capital movements in the long run and the short run' by M. Feldstein," European Economic Review, Elsevier, vol. 21(1-2), pages 153-156.
    2. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
    3. Jeffrey A. Frankel, 1991. "Quantifying International Capital Mobility in the 1980s," NBER Chapters, in: National Saving and Economic Performance, pages 227-270, National Bureau of Economic Research, Inc.
    4. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    5. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
    6. Martin Feldstein, 1991. "Domestic Saving and International Capital Movements in the Long Run and the Short Run," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 331-353, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Investissement; Épargne; Mobilité internationale du capital; Intégration financière; Régression; Cointégration;
    All these keywords.

    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • N8 - Economic History - - Micro-Business History
    • G3 - Financial Economics - - Corporate Finance and Governance

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