This article analyzes capital mobility within Japan based on the consumption-based correlation method developed by Obstfeld (Capital mobility: the impact on consumption, investment and growth, Cambridge University Press, Cambridge, <CitationRef CitationID="CR23">1994</CitationRef>). This theory suggests that consumption in one region is...</citationref>

This paper analyzes capital mobility within Japan based on the consumption-based correlation method developed by Obstfeld (1994). This thoery suggests that consumption in one region is closely related to that in other regions if the capital market is open. We test this theoretical implication in...