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The Feldstein-Horioka Puzzle Revisited: An “European-Regional” Perspective

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  • Jérôme Hericourt

    ()

  • Mathilde Maurel

    ()

Abstract

The purpose of this paper consists in assessing the extent of financial integration in European Union using the Feldstein-Horioka criterion. More precisely, we test the cross-correlation of savings and investment rates across European Union regions, using NUTS 2 data coming from Eurostat regional database, over the period 1995-2000. Several important outcomes are reported by our article: if financial integration seems to be realized across all the regions forming European Union, the Feldstein-Horioka criterion keeps emphasizing differences between small and big countries, the later being less integrated at the regional level. Furthermore, the testing of the relationship between savings and investment in consistent sub-groups of regions (designed according to geographical, historical or economic criteria) emphasize that financial integration can be higher at the regional level.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp763.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp763.

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Length: pages
Date of creation: 01 Mar 2000
Date of revision:
Handle: RePEc:wdi:papers:2005-763

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Keywords: regional savings; investment; capital market; capital flows;

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Cited by:
  1. Ricardo Bebczuk & Klaus Schmidt-Hebbel, 2010. "Revisiting the Feldstein-Horioka Puzzle: An institutional sector view," Económica, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 0, pages 69-104, January-D.
  2. Debaere, P. & Demiroglu, U., 1997. "International Saving, Investment and Trade," Working Papers 406, Research Seminar in International Economics, University of Michigan.
  3. Marek Dabrowski, 2006. "Rethinking balance-of-payments constraints in a globalized world," CASE Network Studies and Analyses 0330, CASE-Center for Social and Economic Research.

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