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Capital Mobility: Changes after Financial Crisis

Andrey V. Zubarev – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Konstantin S. Rybak – Junior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This paper studies capital mobility in three groups of countries: OECD, high-income countries, and upper-middle income countries. Model specifications suitable for estimating long- and short-term capital mobility are employed. We also test the hypothesis that the capital mobility decreases as a result of the global financial crisis of 2008. We have found no stable results that speak in favour of this hypothesis.

Key words: Feldstein–Horioka puzzle, capital mobility, panel regression, relationship of savings and investment, changes after the world financial crisis.