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@article{ART001667030},
author={JUN, SANG JOON},
title={International Capital Mobility and its Policy Implications for Asia-Pacific Economies},
journal={Korean Social Science Journal},
issn={1225-0368},
year={2012},
volume={39},
number={1},
pages={19-35},
doi={}

TY - JOUR
AU - JUN, SANG JOON
TI - International Capital Mobility and its Policy Implications for Asia-Pacific Economies
JO - Korean Social Science Journal
PY - 2012
VL - 39
IS - 1
PB - Korean Social Science Research Council
SP - 19
EP - 35
SN - 1225-0368
AB - This paper investigates the savings-investment relationship, also known as the Feldstein-Horioka puzzle, for 28 Asia-Pacific countries from 1960 to 2006. It utilizes recently developed panel cointegration techniques to test and estimate the long-run equilibrium relationship between savings and investment. Investment and savings rates are found to have unit roots and to be cointegrated, based on five different panel unit root tests and three types of panel cointegration tests. The estimated coefficients on the savings rate, employing CCR, DOLS, and FMOLS techniques, exhibit a declining trend over subsample periods including the structural break for the Asian financial crisis in 1997-98. This suggests that international capital mobility in the Asia-Pacific economies increased substantially in the 1990s and 2000s. Moreover, the magnitude of the estimated savings-retention coefficients is much smaller than that reported by Feldstein and Horioka.
KW - capital mobility;Feldstein-Horioka puzzle;panel unit root;panel cointegration
DO -
ER -

JUN, SANG JOON. (2012). International Capital Mobility and its Policy Implications for Asia-Pacific Economies. Korean Social Science Journal, 39(1), 19-35.

JUN, SANG JOON. 2012, "International Capital Mobility and its Policy Implications for Asia-Pacific Economies", Korean Social Science Journal, vol.39, no.1 pp.19-35. Available from: doi:

JUN, SANG JOON "International Capital Mobility and its Policy Implications for Asia-Pacific Economies" Korean Social Science Journal 39.1 pp.19-35 (2012) : 19.

JUN, SANG JOON. International Capital Mobility and its Policy Implications for Asia-Pacific Economies. 2012; 39(1), 19-35. Available from: doi:

JUN, SANG JOON. "International Capital Mobility and its Policy Implications for Asia-Pacific Economies" Korean Social Science Journal 39, no.1 (2012) : 19-35.doi:

JUN, SANG JOON. International Capital Mobility and its Policy Implications for Asia-Pacific Economies. Korean Social Science Journal, 39(1), 19-35. doi:

JUN, SANG JOON. International Capital Mobility and its Policy Implications for Asia-Pacific Economies. Korean Social Science Journal. 2012; 39(1) 19-35. doi:

JUN, SANG JOON. International Capital Mobility and its Policy Implications for Asia-Pacific Economies. 2012; 39(1), 19-35. Available from: doi:

JUN, SANG JOON. "International Capital Mobility and its Policy Implications for Asia-Pacific Economies" Korean Social Science Journal 39, no.1 (2012) : 19-35.doi: