Article history: Received 7 October 2013 Received in revised form 7 March 2014 Accepted 10 March 2014 Available online 17 March 2014 We re-examine two complementary views of international capital mobility using data for 25 OECD countries over the period 1970–2011. Estimation of the original Feldstein–Horioka and Sachs' equations provides mixed evidence of capital mobility, though we do not dete...

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.

Saving and investment are I(1) processes and generally do not cointegrate. This suggests the need for a nonstationary panel methodology to estimate the long run saving-investment association. We reconsider the Feldstein-Horioka puzzle using a mean group procedure which provides consistent estimates for nonstationary, heterogeneous panels. The resultant slope coe¢cient estimate for 12 OECD econo...

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...

In this paper, it is argued that the observed high positive correlation between national savings and investment which is found in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some empirical findings, is tested in a two-country DSGE-model framework in the tradition of the New Open Economy Macroeconomics. The simulation results...

Toru Sasaki, Tomohiko Asai, Tsutomu Takahashi, Takashi Kikuchi, Mitsuo Nakajima, Kazuhiko Horioka, and Ken Takayama College of Science and Technology, Nihon University, Tokyo 101-8308, Japan Department of Electrical Engineering, Nagaoka University of Technology, Niigata 940-2188, Japan Department of Energy Sciences, Tokyo Institute of Technology, Yokohama 229-8502, Japan High Energy Accelerator...

Yatırımlar ile tasarruflar arasındaki ilişki her dönemde iktisatçıların ilgisini çeken konular arasında yer almaktadır. Nitekim yatırım ve tasarruf üzerine yapılan araştırmalardan biri de Feldstein Horioka (1980) tarafından yapılmıştır. Söz konusu araştırma, ekonomide sermaye hareketliliğinin olduğu durumda yurtiçi yatırımlar yakın ilişkinin olduğunu ileri sürmektedir. Genel iktisat teorisine z...