The quantity approach to financial integration: The Feldstein-Horioka criterion revisited
نویسندگان
چکیده
منابع مشابه
The Feldstein – Horioka puzzle revisited *
This paper confirms the evidence that the Feldstein–Horioka test does not reflect capital mobility in the real side world economy, but only the variability between external and domestic saving. 2000 Elsevier Science S.A. All rights reserved.
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In this paper we resolve the long standing Feldstein-Horioka (FH, 1980) puzzle dynamically and explain it statistically. We first study the dynamic properties of capital mobility, and re-estimate the evolution of the FH coefficient using a time-varying-parameter model for each of 67 countries from 1970 to 2009. We find that the trend of the FH coefficient is highly consistent with increased glo...
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This paper tests the Feldstein-Horioka (1980) hypothesis that the investment-to-output ratio moves one-for-one with the saving-to-output ratio, using annual time-series data on fteen European countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom) and the econometric framework developed by...
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This paper investigates whether the Feldstein and Horioka (1980) argument on domestic saving-investment relationship is supported by the data of the countries in the Middle East and North Africa (MENA) region when the financial development levels and exchange rate regimes are taken into account. To this end, we employ both the ARDL bounds cointegration test and panel mean group procedures. The ...
متن کاملTesting the validity of the Feldstein- Horioka puzzle for Australia
This paper presents an investigation into the relationship between investment and savings in Australia over the period 1960-2007. Using four time series techniques our results reveal that the Feldstein-Horioka puzzle exists in a weak form with a lower saving retention coefficient. Granger Causality tests illustrate that savings Granger cause investment both in the short and long runs. Our resul...
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ژورنال
عنوان ژورنال: Open Economies Review
سال: 1995
ISSN: 0923-7992,1573-708X
DOI: 10.1007/bf01001234