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SavingInvestment Correlations for 16 Industrial
SavingInvestment Correlations for ERM Countries
SavingInvestment Correlations for Selected NonERM
16 industrial countries approximate conditions barriers to capital Bayoumi broadly confirm capital flows combined group correlation between saving countries participating countries plus Austria country groups cross-section and pooled Cross-section results Cross-Section Time Series decreasing administration barriers dichotomy Dooley EMS and non-EMS EMS area EMS countries EMS group error probability two-tailed estimate exchange rate mechanism exchange rate stability existing Feldstein and Horioka fiscal policies fixed exchange rates gold standard period government intervention government policies hypothesis Indicates statistical significance insignificantly different international capital Interventionist investment correlations investment rates low capital mobility low saving non-EMS countries non-EMS group note extends observed percent error probability plots pooled data post-war postwar period pre-EMS period presented in Table probability two-tailed t-test promoted capital mobility rates within relatively regression relationship relatively narrow margins requirement of fixed results are presented saving and investment Saving ratio saving-investment correlations Standard Deviation three sub-periods United Kingdom virtually no correlation