کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5053829 | 1476519 | 2015 | 10 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Revisiting the Feldstein-Horioka puzzle with regime switching: New evidence from European countries
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Feldstein and Horioka (1980) propose assessing the degree of capital mobility by measuring the correlation between saving and investment. The high correlation between saving and investment is known as the Feldstein-Horioka puzzle (FHP). This study tests for the presence of the Feldstein-Horioka puzzle in nine European countries by employing the Markov switching model in order to characterize the time-varying behavior of the saving retention coefficient. The econometric methodology allows us to distinguish periods for which the FHP holds from those for which the FHP does not hold. It is found that, based on the results from the Markov switching regression, there is a shift in the saving retention coefficients from high to low values, meaning that regime switching has taken place from the high correlation regime (low capital mobility) to the low correlation regime (high capital mobility) for Denmark, Germany, Norway, and Sweden. This evidence suggests that the Feldstein-Horioka puzzle holds for a particular period of time and depends upon the regime shifts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 49, September 2015, Pages 260-269
Journal: Economic Modelling - Volume 49, September 2015, Pages 260-269
نویسندگان
Shyh-Wei Chen, Chung-Hua Shen,