刊行物

内容紹介

This paper examines empirically the international capital mobility for several countries. The novelty of this paper is to develop a theory-based estimation method under the assumption of a variable real interest rate. Since the real interest rates are variable over both countries and time in the real world, it is more appropriate to assume that capital is sensitive to the real interest rate difference. The empirical results show that Singapore is a free capital mobile economy while India is a capital immobile economy.