摘要: Unlike the prediction of a frictionless open economy model, long-term average savings and investment rates are highly correlated across countries—a puzzle first identified by Feldstein Horioka (1980). We quantitatively investigate impact two types financial frictions on this correlation. One is limited enforcement ,w here contracts enforced threat default penalties. The other spanning, where only asset available noncontingent bonds. find that calibrated model with both produces savings–investment correlation volume capital flows close to data. To solve puzzle, friction needs low penalties under which much lower than those in data, spanning exogenously restrict observed level. When combined, interact endogenously thereby Feldstein–Horioka puzzle.