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Revisiting the Feldstein-Horioka Hypothesis of savings, investment and capital mobility: evidence from 27 EU countries

  • Mohammad, Masud Alam
  • Mohammad, Rafiqul Islam

This paper is an attempt to estimate the magnitude of integration for capital mobility among EU economies for the time period 1991-2009. It has been empirically observed that there is strong evidence in favor of higher degree of capital mobility for many EU countries, especially at euro currency period and in euro zone. We conclude that short run and long run capital mobility test based on Feldstein-Horioka (F-H) estimation method is likely to provide a measure of EU capital mobility.]

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File URL: https://mpra.ub.uni-muenchen.de/39383/1/MPRA_paper_39383.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39383.

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Date of creation: 18 Feb 2010
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Publication status: Published in INTERNATIONAL JOURNAL OF ECONOMICS 1.4(2010): pp. 71-90
Handle: RePEc:pra:mprapa:39383
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Web page: https://mpra.ub.uni-muenchen.de

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  1. Murphy, Robert G., 1984. "Capital mobility and the relationship between saving and investment rates in OECD countries," Journal of International Money and Finance, Elsevier, vol. 3(3), pages 327-342, December.
  2. Jos Jansen, W, 1996. "Estimating saving-investment correlations: evidence for OECD countries based on an error correction model," Journal of International Money and Finance, Elsevier, vol. 15(5), pages 749-781, October.
  3. Krol, Robert, 1996. "International capital mobility: evidence from panel data," Journal of International Money and Finance, Elsevier, vol. 15(3), pages 467-474, June.
  4. Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996. "Efficient Tests for an Autoregressive Unit Root," Econometrica, Econometric Society, vol. 64(4), pages 813-36, July.
  5. Jerry Coakley & Ana-Maria Fuertes & Fabio Spagnolo, 2004. "Is the Feldstein-Horioka Puzzle History?," Manchester School, University of Manchester, vol. 72(5), pages 569-590, 09.
  6. W. Jansen, 1998. "Interpreting Saving-Investment Correlations," Open Economies Review, Springer, vol. 9(3), pages 207-219, July.
  7. Dimitris Christopoulos, 2007. "A reassessment of the Feldstein-Horioka hypothesis of perfect capital mobility: evidence from historical data," Empirica, Springer, vol. 34(3), pages 273-280, July.
  8. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
  9. Kollias, Christos & Mylonidis, Nikolaos & Paleologou, Suzanna-Maria, 2008. "The Feldstein-Horioka puzzle across EU members: Evidence from the ARDL bounds approach and panel data," International Review of Economics & Finance, Elsevier, vol. 17(3), pages 380-387.
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