Financial Markets and National Economics
Allen, William A.![Financial Markets and National Economics](https://support.digitalhusky.com/media/annotations/sorted/161/1610428/CHSBZCOP031610428.jpg)
This paper measures how well international financial markets allocate savings among investment opportunities world-wide by measuring the correlation between national domestic savings and investment ratios. It concludes that financial markets have become more efficient in this respect since the 1960s, but that even in the 1990s capital was a lot less than completely mobile. The paper discusses the obstacles to capital mobility, including offici...