Saving, investment and international capital mobility

Abstract

This article relates to the econometric checking of M. Feldstein and C. Horioka’s model in Gabon. Like the study achieved by these two authors relatively to the measurement of the capital international mobility, it proposes to analyze, on the econometric plan, the relation Domestic Saving (S) – Domestic Investment (I) of Gabon over the period 1975-2003. Within this framework, it shows that Gabonese interior investment was indeed financed, during the period of study, by Gabonese interior savings. This situation supposes an imperfect international capital mobility or a weak degree of financial integration, main conclusion to which had also led M. Feldstein and C. Horioka.

Keywords

• Investissement, Épargne, Mobilité internationale du capital, Intégration financière, Régression, Cointégration