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The 'Real' Explanation of the Feldstein-Horioka Puzzle Ford, Nicholas Horioka, Charles Yuji ホリオカ, チャールズ・ユウジ JEL classification: F21, F32, F36, G15 Barriers to capital mobility Feldstein-Horioka paradox Feldstein-Horioka puzzle financial market integration goods market integration international capital flows international capital mobility net transfers of capital real interest rate equalization real interest rate parity saving-investment correlations trade frictions This paper shows that global capital markets cannot, by themselves, chieve net transfers of financial capital between countries and that both the integration of global financial markets as well as the integration of global goods markets are needed to achieve net transfers of capital between countries. Frictions (barriers to mobility) in one or both of these markets can impede net transfers of capital between countries, produce the Feldstein and Horioka (1980) results, and prevent real interest rates from being equalized across countries. Moreover, there is empirical evidence that barriers to the mobility of goods and services are an important obstacle to international capital mobility. 2016-03 eng working paper NA https://agi.repo.nii.ac.jp/records/125 AGI Working Paper Series AGI Working Paper Series 2016-07 1 6 https://agi.repo.nii.ac.jp/record/125/files/2016-07.pdf application/pdf 130.0 kB 2016-08-15