NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Comparing Capital Mobility Across Provincial and National Borders

John F. Helliwell, Ross McKitrick

NBER Working Paper No. 6624
Issued in June 1998
NBER Program(s):   IFM

The persistence of high savings-investment correlations and home-country bias in portfolio construction at the national level is contrasted with new evidence of savings behaviour in Canadian provinces. We confirm that national borders clearly divert flows of capital to domestic investments, but provincial borders have no such effect. In particular, while there is a significant correlation between national savings and investment, among provinces that effect disappears. We discuss the implications for interpreting the distinction between provincial and national borders.

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Document Object Identifier (DOI): 10.3386/w6624

Published: Canadian Journal of Economics, Vol. 32, no. 5 (November 1999): 1164-1173. citation courtesy of

 
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