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

Author

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  • 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.

Suggested Citation

  • Sophie Bereau, 2007. "Une mesure macroeconomique "a la Feldstein-Horioka" du degre d'integration financiere en Europe," Economie Internationale, CEPII research center, issue 110, pages 63-106.
  • Handle: RePEc:cii:cepiei:2007-2tc
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    File URL: http://www.economieinternationale.fr/francgraph/publications/ecointern/rev110/rev110c.htm
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    Citations

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    Cited by:

    1. Mark J. Holmes & Jesús Otero, 2015. "A Pairwise-Based Approach to Examine the Feldstein-Horioka Condition of International Capital Mobility," Working Papers in Economics 15/01, University of Waikato.
    2. 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.
    3. Mark J. Holmes & Jesús Otero, 2016. "A pairwise-based approach to examining the Feldstein–Horioka condition of international capital mobility," Empirical Economics, Springer, vol. 50(2), pages 279-297, March.

    More about this item

    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;

    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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