کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10477849 930652 2005 7 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The Feldstein-Horioka puzzle revisited: A Monte Carlo study
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The Feldstein-Horioka puzzle revisited: A Monte Carlo study
چکیده انگلیسی
This study revisits the Feldstein-Horioka (FH) puzzle by employing a variety of asymptotically efficient cointegration estimators, and by using the critical values obtained from Monte Carlo simulations to test the hypothesis of a unit retention coefficient. This leads to a lower rejection of the null than standard critical values would have implied. Despite ample evidence supporting the FH result, there appears to be considerable heterogeneity in terms of the savings-investment association, and only 25% of the 23 OECD countries we examine can be characterised as open economies in the FH sense. Whether or not one subscribes to the FH interpretation, the FH result does not appear to be robust.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 24, Issue 7, November 2005, Pages 1143-1149
نویسندگان
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