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Une mesure macroeconomique "a la Feldstein-Horioka" du degre d'integration financiere en Europe

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Author Info

  • Sophie Bereau

Abstract

La publication par Martin Feldstein et Charles Horioka en 1980 d’un article liant la correlation entre les taux d’epargne et d’investissement d’un groupe de pays a son degre d’integration financiere n’a cesse de susciter debats et polemiques au sein de la communaute scientifique. Elle a donne lieu a une abondante litterature qui s’est appuyee au fil du temps sur des techniques econometriques de plus en plus elaborees. L’objet de ce travail est de faire le bilan des methodes d’analyse et d’estimation appliquees a ce qu’il est commun d’appeler le « paradoxe de Feldstein-Horioka », de voir de quelle facon elles ont conditionne et/ou permis une meilleure approche du degre d’integration financiere des pays, puis de proposer une application sur des donnees europeennes. Si nos resultats semblent confirmer un fort degre d’integration financiere dans l’Europe des 15 et en particulier dans la zone euro, l’introduction de l’euro scriptural n’a toutefois pas accelere ce phenomene de facon significative.

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Bibliographic Info

Article provided by CEPII research center in its journal Economie Internationale.

Volume (Year): (2007)
Issue (Month): 110 ()
Pages: 63-106

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Handle: RePEc:cii:cepiei:2007-2tc

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Related research

Keywords: Paradoxe de Feldstein-Horioka; donnees de panel; cointegration; modeles a correction d’erreurs; cointegration en panel; integration europeenne; zone euro; balance courante; mobilite des capitaux;

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Cited by:
  1. Fatma Marrakchi Charfi, 2013. "Capital Flows, Real Exchange Rates, and Capital Controls: What Is the Scope of Liberalization for Tunisia?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(4), pages 515-540, June.

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