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Investigating Private and Public Saving-Investment Gaps in EC Countries

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  • Fernando Ballabriga
  • Juan J. Dolado
  • José Viñals

Abstract

This paper uses cointegration techniques to assess the extent to which the behaviour of private- and public-sector savings and investment and those of the nation as a whole have been consistent with long-term solvency over the last three decades. In addition, an attempt is made to analyse whether excessive budget deficits might have undermined the nation's long-run external solvency. We find evidence that a number of countries violate both domestic intertemporal budget constraints, but nevertheless satisfy the nation's budget constraint. In most cases this has occurred because changes in government deficits have been offset by changes in private savings and investment and by the use of capital controls.
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Suggested Citation

  • Fernando Ballabriga & Juan J. Dolado & José Viñals, 1991. "Investigating Private and Public Saving-Investment Gaps in EC Countries," Working Papers wp1991_9112, CEMFI.
    • Handle: RePEc:cmf:wpaper:wp1991_9112
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    Cited by:

    1. Lucio Sarno & Mark Taylor, 1998. "Exchange controls, international capital flows and saving-investment correlations in the UK: An empirical investigation," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 134(1), pages 69-98, March.
    2. Guzel, Adnan & Ozdemir, Zeynel Abidin, 2011. "The Feldstein-Horioka puzzle in the presence of structural shifts: The case of Japan versus the USA," Research in International Business and Finance, Elsevier, vol. 25(2), pages 195-202, June.
    3. Honohan, P., 1992. "Intersectoral Financial Flows in Ireland," Research Series, Economic and Social Research Institute (ESRI), number GRS158, June.
    4. Lapp, Susanne, 1996. "The Feldstein-Horioka paradox: A selective survey of the literature," Kiel Working Papers 752, Kiel Institute for the World Economy (IfW Kiel).
    5. Kumar Narayan, Paresh, 2005. "The relationship between saving and investment for Japan," Japan and the World Economy, Elsevier, vol. 17(3), pages 293-309, August.
    6. Andrew J. Abbott & Glauco De Vita, 2003. "Another Piece in the Feldstein — Horioka Puzzle," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(1), pages 69-89, February.
    7. Zeynel Abidin Ozdemir & Hasan Olgun, 2009. "The Feldstein - Hoiroka puzzle across countries," Applied Economics, Taylor & Francis Journals, vol. 41(2), pages 237-247.
    8. Shabbir Ahmad, 2017. "Investment and Saving Relationship in South Asia," International Journal of Economics and Financial Issues, Econjournals, vol. 7(4), pages 726-729.

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