全球智库信息集成服务系统(G2TT): Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15113
来源ID	Working Paper 15113
	Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks
	James Feyrer; Jay C. Shambaugh
发表日期	2009-06-30
出版年	2009
语种	英语
摘要	This paper examines the effect of exogenous shocks to savings on world capital markets. Using the exogenous shocks to US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income accounting identities of the US and the rest of the world. We find that exogenous tax increases are only partially offset by changes in private savings (Ricardian equivalence is not complete). We also find that only a small amount of the resulting change in US saving is absorbed by increased domestic investment (contrary to Feldstein & Horioka). Almost half of the fiscal shock is transmitted abroad as an increase in the US current account. Positive shocks to US savings generate current account deficits and increases in investment in other countries in the world. We cannot reject that the shock is uniformly transmitted across countries with different currency regimes and different levels of development. The results suggest highly integrated world capital markets with rapid adjustment. In short we find that the US acts like a large open economy and the world acts like a closed economy.
主题	Macroeconomics ; Consumption and Investment ; International Economics ; Trade ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w15113
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572788
推荐引用方式 GB/T 7714	James Feyrer,Jay C. Shambaugh. Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks. 2009.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w15113.pdf（260KB）	智库出版物		限制开放	CC BY-NC-SA	浏览