1970’lerin sonundan itibaren Bretton Woods sisteminin çökmesi ve küresel bütünleşmenin özellikle son elli yılda önemli ölçüde artmasıyla birlikte finansal serbestleşme küreselleşme hız kazanmıştır. Doğrudan yabancı yatırımlar portföy yatırımları açısından sermaye akımları, yüksek büyüme oranlarına sahip, nispeten ucuz ancak nitelikli işgücüne sahip gelişmekte olan piyasalarda artmıştır. Feldste...

The aim of this paper is to investigate the domestic saving-investment relation in Turkey. In their very effective paper Feldstein and Horioka (1980) (FH hereafter) states that presence of relationship between national saving and investment would not be expected under the perfect capital mobility. In the case of perfect capital mobility, savings follow wherever the highest return is and the rel...

We would like to thank Professors Charles Yuji Horioka (Osaka University) and Atsushi Seike (Keio University), Messrs. Takeshi Kimura (Bank of Japan, Policy Planning Office), Tomiyuki Kitamura (Bank of Japan, Financial Markets Department), and Toshitaka Sekine (Bank of Japan, Research and Statistics Department), participants at the seminars of the Kansai Institute for Social Economic Research a...

The empirical evidence that national saving and domestic investment are correlated, also known as Feldstein-Horioka (1980) Puzzle, has received significant attention in the literature since Feldstein and Horioka interpret it as an evidence of low international capital mobility. This paper argues that there is nothing mysterious in the finding that investment and saving are correlated. Since the...

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...