NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Capital Mobility in the World Economy: Theory and Measurement

Maurice Obstfeld

NBER Working Paper No. 1692 (Also Reprint No. r0754)
Issued in August 1985
NBER Program(s):   ITI   IFM

This paper is a critical assessment of some recent empirical evidence on the extent of international capital mobility. Its major conclusion is that while much of this evidence is difficult to interpret without ambiguity, it is consistent with a world economy in which the degree of capital mobility is high and increasing. Two main approaches to the measurement of capital mobility are discussed. The first, traditional, approach is based on comparing expected yields on assets located in different countries. The second,and more novel, approach is based on comparing national saving rates and domestic investment rates.

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Document Object Identifier (DOI): 10.3386/w1692

Published:

  • Obstfeld, Maurice, 1986. "Capital mobility in the world economy: Theory and measurement," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 24(1), pages 55-103, January. ,
  • Obstfeld, Maurice. "Capital Mobility in the World Economy: Theory and Measurement," Carnegie-Rochester Conference Series on Public Policy, Vol. 24,(Spring 1986), pp. 55-103.

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