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

Listed author(s):
  • 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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File URL: http://portalweb.ucatolica.edu.co/easyWeb2/files/4_14599_dt015.pdf
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Paper provided by UNIVERSIDAD CATOLICA DE COLOMBIA in its series DOCUMENTOS DE TRABAJO UCATOLICA with number 012393.

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Length: 21
Date of creation: 30 Apr 2013
Handle: RePEc:col:000444:012393
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