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Current Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece

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Author Info
Anastasios Mastroyiannis
Abstract

In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence - albeit small - to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy.

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Publisher Info
Article provided by Cattaneo University (LIUC) in its journal The European Journal of Comparative Economics.

Volume (Year): 4 (2007)
Issue (Month): 1 (June)
Pages: 91-99
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Handle: RePEc:liu:liucej:v:4:y:2007:i:1:p:91-99

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Related research
Keywords: Current Account Balance; Savings; Feldstein-Horioka puzzle; Greece;

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Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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  1. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June. [Downloadable!] (restricted)
  2. Maurice Obstfeld & Kenneth Rogoff, 2000. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," NBER Working Papers 7777, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Giannone, Domenico & Lenza, Michele, 2004. "The Feldstein-Horioka Fact," CEPR Discussion Papers 4610, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Jansen, W.J. & Schulze, G.G., 1993. "Theory-Based Measurement of the Saving-Investment Correlation with an Application to Norway," Papers 9302-g, Erasmus University of Rotterdam - Institute for Economic Research.
    Other versions:
  6. James MacKinnon, 1990. "Critical Values for Cointegration Tests," University of California at San Diego, Economics Working Paper Series 90-4, Department of Economics, UC San Diego. [Downloadable!]
  7. repec:fth:harver:1463 is not listed on IDEAS
  8. Jos Jansen, W, 1996. "Estimating saving-investment correlations: evidence for OECD countries based on an error correction model," Journal of International Money and Finance, Elsevier, vol. 15(5), pages 749-781, October. [Downloadable!] (restricted)
  9. Gundlach, Erich & Sinn, Stefan, 1992. "Unit Root Tests of the Current Account Balance: Implications for International Capital Mobility," Applied Economics, Taylor and Francis Journals, vol. 24(6), pages 617-25, June.
  10. Ozmen, Erdal & Parmaksiz, Kagan, 2003. "Policy regime change and the Feldstein-Horioka puzzle: the UK evidence," Journal of Policy Modeling, Elsevier, vol. 25(2), pages 137-149, February. [Downloadable!] (restricted)
  11. Coakley, Jerry & Kulasi, Farida & Smith, Ron, 1998. "The Feldstein-Horioka Puzzle and Capital Mobility: A Review," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 3(2), pages 169-88, April. [Downloadable!] (restricted)
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