Capital Mobility And The Feldstein-Horioka Puzzle: Re-Examination Of Less Developed Countries
AbstractThis empirical study extends the work of (Manchester School, Vol. 72 (2004), pp. 569-590) with respect to the Feldstein-Horioka puzzle for a sample of 47 developing countries. The study examines the savings-investment relationship through a comparison of the Feldstein-Horioka cross-section estimator results with the results obtained from a mean group estimator allowing for the cross-section dependence and permanent shocks to the current account. The mean group estimator results indicate higher capital mobility with a savings coefficient of 0.36, 25 per cent lower than the estimates based on the cross-section estimator, for the whole sample with little variation across subregions. Copyright � 2006 The Authors; Journal compilation � 2006 Blackwell Publishing Ltd and The University of Manchester.
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Bibliographic InfoArticle provided by University of Manchester in its journal Manchester School.
Volume (Year): 74 (2006)
Issue (Month): 5 (09)
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- Singh, Tarlok, 2008. "Testing the Saving-Investment correlations in India: An evidence from single-equation and system estimators," Economic Modelling, Elsevier, vol. 25(5), pages 1064-1079, September.
- João Sousa Andrade, 2007. "La these de Feldstein-Horioka: une mesure de la mobilité internationale du capital," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 54(1), pages 53-67, March.
- Despina Petreska & Nikica Mojsoska-Blazevski, 2013. "The Feldstein-Horioka Puzzle And Transition Economies," Economic Annals, Faculty of Economics, University of Belgrade, vol. 58(197), pages 23-46, April â.
- João Sousa Andrade, 2007. "L’Intégration Européenne et la Soutenabilité Externe de l’Union Européenne: une application de la thèse de Feldstein-Horioka," GEMF Working Papers 2007-05, GEMF - Faculdade de Economia, Universidade de Coimbra.
- Apergis, Nicholas & Tsoumas, Chris, 2009. "A survey of the Feldstein-Horioka puzzle: What has been done and where we stand," Research in Economics, Elsevier, vol. 63(2), pages 64-76, June.
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