کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5084180 1477832 2009 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The Feldstein-Horioka puzzle revisited: Is the home-bias much less?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The Feldstein-Horioka puzzle revisited: Is the home-bias much less?
چکیده انگلیسی

The large correlation between domestic savings and investment is well documented and is known as the Feldstein-Horioka puzzle. We demonstrate that estimates of the FH coefficients using the standard framework are biased upward in the presence of highly positively correlated inward and outward capital flows. Using data for the 14 OECD countries, the analysis shows that the significant home bias documented by FH and others is also consistent with much higher levels of capital mobility when capital outflows and inflows are highly positively correlated. Taking account for these correlations reduces the estimated home bias somewhere between 45% and 90%.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 18, Issue 2, March 2009, Pages 341-350
نویسندگان
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