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La paradoja Feldstein – Horioka: Evidencia para Colombia (1925 – 2011)


  • Óscar Penagos Gómez


  • Héctor Rojas Serrano


  • Jacobo Campo Robledo



Resumen En este documento se estudia la relación entre la inversión y el ahorro, bajo la paradoja presentada por Feldstein y Horioka (1980), para la economía colombiana durante el periodo 1925 – 2011. Se emplea un Modelo de Corrección de Errores siguiendo el trabajo de Cárdenas y Escobar (1998) con el fin de recoger los efectos de corto y largo plazo. Los resultados presentan evidencia de que en Colombia la inversión y el ahorro están cointegrados durante el periodo de estudio. Adicionalmente, el vector de cointegración indica una baja movilidad de capital en Colombia, lo cual valida la paradoja de Feldstein – Horioka. Los resultados implican que el aumento de las tasas de ahorro domestico disminuye la movilidad de capital.

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  • Óscar Penagos Gómez & Héctor Rojas Serrano & Jacobo Campo Robledo, 2013. "La paradoja Feldstein – Horioka: Evidencia para Colombia (1925 – 2011)," DOCUMENTOS DE TRABAJO UCATOLICA 012393, UNIVERSIDAD CATOLICA DE COLOMBIA.
  • Handle: RePEc:col:000444:012393

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    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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