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The Feldstein-Horioka Puzzle: Modern Aspects

  • Pavel Trunin

    (Gaidar Institute for Economic Policy)

  • Andrey Zubarev

    (RANEPA)

The primary purpose of this paper is to test the hypothesis of capital mobility reduction in the wake of the global financial crisis of 2008-2009. Through the constructed models we tested hypotheses about the long- and short-term mobility of global capital by estimating the correlation between savings and investment rates. The paper also deals with the question of capital mobility in Russia. Recommendations on monetary policy in Russia in the coming years based on the obtained findings were made.

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File URL: http://www.iep.ru/files/RePEc/gai/wpaper/0070Trunin.pdf
File Function: Revised version, 2013
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Paper provided by Gaidar Institute for Economic Policy in its series Working Papers with number 0070.

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Length: 28 pages
Date of creation: 2013
Date of revision: 2013
Publication status: Published Paper Series
Handle: RePEc:gai:wpaper:0070
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  1. Fouquau, Julien & Hurlin, Christophe & Rabaud, Isabelle, 2008. "The Feldstein-Horioka puzzle: A panel smooth transition regression approach," Economic Modelling, Elsevier, vol. 25(2), pages 284-299, March.
  2. S. Drobyshevsky & P. Kadochnikov & S. Sinelnikov-Murylev., 2007. "Some Issues of Monetary and Exchange Rate Policy in Russia in 2000—2006 and in the Short-term Outlook," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
  3. Domenico Giannone & Michele Lenza, 2009. "The Feldstein-Horioka fact," NBER Working Papers 15519, National Bureau of Economic Research, Inc.
    • Domenico Giannone & Michele Lenza, 2010. "The Feldstein-Horioka Fact," NBER Chapters, in: NBER International Seminar on Macroeconomics 2009, pages 103-117 National Bureau of Economic Research, Inc.
  4. Peter C. B. Phillips & Hyungsik R. Moon, 1999. "Linear Regression Limit Theory for Nonstationary Panel Data," Econometrica, Econometric Society, vol. 67(5), pages 1057-1112, September.
  5. Alexey Vedev & Andrey Kosarev, 2012. "Some Quantitative Estimates of the Influence of Institutional Constraints of Economic Growth in Russia," Working Papers 0014, Gaidar Institute for Economic Policy, revised 2012.
  6. Coiteux, Martin & Olivier, Simon, 2000. "The saving retention coefficient in the long run and in the short run: evidence from panel data," Journal of International Money and Finance, Elsevier, vol. 19(4), pages 535-548, August.
  7. Ho, Tsung-Wu, 2003. "The saving-retention coefficient and country-size: The Feldstein-Horioka puzzle reconsidered," Journal of Macroeconomics, Elsevier, vol. 25(3), pages 387-396, September.
  8. Ho, Tsung-wu, 2002. "The Feldstein-Horioka puzzle revisited," Journal of International Money and Finance, Elsevier, vol. 21(4), pages 555-564, August.
  9. Kasuga, Hidefumi, 2004. "Saving-investment correlations in developing countries," Economics Letters, Elsevier, vol. 83(3), pages 371-376, June.
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