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What does the Feldstein-Horioka coefficient with panel data really measure? A theoretical approach with the case of a monetary area

  • Mark Wynne


    (Federal Reserve Bank of Dallas)

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    We base theoretically the fact that the "saving retention coefficient" with panel data measures the integration within a considered group of countries but also the integration between this group and the rest of the world, by using different levels of transaction costs according to whether the considered country belongs or not to a monetary union.

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    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 6 (2006)
    Issue (Month): 8 ()
    Pages: 1-8

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    Handle: RePEc:ebl:ecbull:eb-06f40003
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    1. Charles Engel & John H. Rogers, 2004. "European product market integration after the euro," Economic Policy, CEPR;CES;MSH, vol. 19(39), pages 347-384, 07.
    2. Maurice Obstfeld & Kenneth Rogoff, 2001. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 339-412 National Bureau of Economic Research, Inc.
    3. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
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