Panel cointegration results on international capital mobility in Asian economies

被引：46

作者：

Kim, H ^{[1
]}

Oh, KY

Jeong, CW

机构：

[1] Hannam Univ, Coll Econ & Business, Dept Int Trade, Taejon 306791, South Korea

[2] Chungnam Natl Univ, Coll Business & Econ, Dept Int Management, Taejon 305764, South Korea

[3] Korea Inst Finance, Seoul 100021, South Korea

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2005年 / 24卷 / 01期

基金：

新加坡国家研究基金会;

关键词：

Feldstein-Horioka puzzle; FMOLS panel cointegration; DOLS panel cointegration; panel unit root test;

D O I：

10.1016/j.jimonfin.2004.10.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the Feldstein-Horioka coefficients for 11 Asian countries using the recently developed 'between-group' FMOLS and DOLS panel cointegration techniques. Savings and investment rates are found to be nonstationary and to be cointegrated in panels. The estimated coefficients using FMOLS and DOLS are 0.39 and 0.42, respectively, for the period 1980-1998. These values are much smaller than the estimates of 0.58 and 0.76 for 1960-1979. The small coefficients suggest that capital mobility increased in Asian countries in the 1980s and 1990s. (C) 2004 Elsevier Ltd. All rights reserved.

引用

页码：71 / 82

页数：12

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