International Capital Mobility: Evidence from Panel Data
نویسنده
چکیده
Krol (1996) reports estimates of the saving-investment correlation, based on panel regressions, that are much lower than commonly found in the literature. This note argues that this low estimate is not related to the panel estimation technique, as Krol claims, but largely to the inclusion of Luxembourg in the sample. Panel estimation only reduces the correlation’s estimate by about 0.12. October 1999 (Final version, appeared in Journal of International Money and Finance (2000), Vol. 19, 507511) * Tel.: 31-20-5243275; fax: 31-20-5242506; e-mail: [email protected]
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