This paper assesses the extent of international capital mobility in a time series context. It explores the possibility that the current account balance of different OECD-countries contains a unit root. It is shown that if the ratio of the current account balance to GDP is found to be integrated...

This paper evaluates the use of saving-investment correlations to measure capital mobility. It is argued that the intertemporal approach to the balance of payments predicts that the practice of calculating the correlation coefficient using long-term averages of saving and investment shares...

This paper assesses the consequences of a high degree of international capital mobility for the behavior of governments. It is argued that countries can be seen as clubs where the government as club management acts as an entrepreneur attempting to attract internationally mobile resources. Within...

Häufig wird gefordert, die Wirtschaftspolitik international zu koordinieren; wegen der engen Integration der Weltwirtschaft könnten die wirtschaftlichen Probleme nur durch gemeinsame, aufeinander abgestimmte Maßnahmen bewältigt werden. Die Befürworter dieser Strategie berufen sich dabei...

This paper discusses the difference between Fisherian and Ricardian trade in terms of a simple two-period model of a small open economy. Fisherian or intertemporal trade occurs when goods are traded today against the promise to deliver goods in the future. The resulting net resource transfer is...

This paper presents an alternative view on the appropriateness of international policy coordination. Policy-makers compete for internationally mobile capital by offering club goods which are used as input factors by firms. A country is attractive for internationally mobile capital if the price...