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The measurement of international capital mobility by using error correction model in Korea

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  • The measurement of international capital mobility by using error correction model in Korea
  • Kim, Hong Kee
  • The Korean Economic Association


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Title The measurement of international capital mobility by using error correction model in Korea
Similar Titles
Material Type Articles
Author(English)

Kim, Hong Kee

Publisher

[Seoul]:The Korean Economic Association

Date 1998
Journal Title; Vol./Issue The Korean Economic Review:vol. 14(no. 2)
Pages 14
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Economy < Trade
Holding The Korean Economic Association

Abstract

This study aims at measuring the international capital mobility in Korea, taking into consideration short run and long run relationship between savings and investment. Whereas the long run relationship between saving and investment implies intertemporal budget constraint, short run relationship may measure the degree of international capital mobility. Many other specification equations which have been used to gauge correlation of investement and saving, are one of constrained error correction model. The result of estimation by using error correction model shows that the traditional equations estimated by many other authors have specification error and there doesn't exist Feldstein and Horioka's puzzle and international capital mobility has increased rapidly since 1980s in Korea.