Yoshihiro, Hashiguchi and Shigeyuki, Hamori (2009): Saving-Investment Relationship and Capital Mobility:Evidence from Chinese Provincial Data, 1980—2007. Published in: Economics Bulletin , Vol. 29, No. 3 (August 2009): pp. 1986-1994.
Download (193kB) | Preview
Panel data for individual Chinese provinces from 1980 to 2007 was used to estimate the saving-investment model used by Feldstein and Horioka (1980), shed light on changes to China's domestic capital mobility since the adoption of the Open Door Policy, and determine whether there has been any increase in mobility since 2000. High capital mobility was observed through the first half of the 1980s followed by low capital mobility during the 1990s. Capital mobility began to gradually increase again around 1996, reaching levels similar to those of other leading industrialized countries in the 2000s.
|Item Type:||MPRA Paper|
|Original Title:||Saving-Investment Relationship and Capital Mobility:Evidence from Chinese Provincial Data, 1980—2007|
|Keywords:||Saving-Investment Relationship; Capital Mobility; Chinese Provincial Data; Feldstein-Horioka puzzle|
|Subjects:||O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development
F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F41 - Open Economy Macroeconomics
|Depositing User:||Shigeyuki Hamori|
|Date Deposited:||17. Sep 2009 23:43|
|Last Modified:||07. Jan 2014 19:13|
Arellano, M. (2003). Panel Data Econometrics, Advanced Text in Econometrics. Oxford: Oxford University Press.
Boyreau-Debray, G. and S. Wei (2004) "Can China Grow Faster? A Diagnosis of the Fragmentation of its Domestic Capital Market" IMF Working Paper, WP/04/76.
Deckle, R. (1996) "Saving-Investment Associations and Capital Mobility: On the Evidence from Japanese Regional Data" Journal of International Economics 41, 53-72.
Feldstein, M. and C. Horioka (1980) "Domestic Saving and International Capital Flows" Economic Journal 90, 314–329
Hansen, L. (1982) "Large Sample Properties of Generalized Method of Moments" Econometrica 50, 1029-1054.
Imai, K. and M. Watanabe (2006) Kigyou no Seicho to Kinyu Seido (The Growth of Enterprises and Financial System, Modern Chinese Economy Series 4). Nagoya: Nagoya University Press. In Japanese.
Kato, H. and K. Chen (2002) China: East Asian Long-Term Econometric Data Ser. 12. Tokyo: Iwanami Shoten. In Japanese.
van Wincoop, E. (2000) "Intranational versus International Saving-Investment Comovements" G. D. Hess and E. van Wincoop (ed.) International Macroeconomics. New York: Cambridge University Press. 11-36.
Watanabe, S. (2006) "The Inter-Provincial Capital Flows in China Before and After the Transition to a Market Economy" M. Watanabe (ed.) Recovering Financial Systems: China and Asian Transition Economies. New York: Palgrave Macmillan. 69-79.