Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup

被引：11

作者：

Holmes, Mark J. ^{[1
]}

Otero, Jesus ^{[2
]}

机构：

[1] Univ Waikato, Dept Econ, Hamilton 3240, New Zealand

[2] Univ Rosario, Fac Econ, Bogota, Colombia

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2014年 / 33卷

关键词：

Feldstein-Horioka; Capital mobility; Current account; Heterogeneous panel; UNIT-ROOT TESTS; TIME-SERIES; LONG-RUN; PUZZLE; STATIONARITY; INVESTMENT; OECD; MEMBERS; BIAS;

D O I：

10.1016/j.iref.2014.03.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We re-examine two complementary views of international capital mobility using data for 25 OECD countries over the period 1970-2011. Estimation of the original Feldstein-Horioka and Sachs' equations provides mixed evidence of capital mobility, though we do not detect a significant bias towards finding in favour of capital immobility in using time-averaged data. However, potential bias in cross-sectional estimation motivates us to examine the data as a heterogeneous panel which allows us to control for the effects of cross-sectional dependence and endogeneity. In addressing the Feldstein-Horioka puzzle, application of the CCEMG estimator of Pesaran (2006) to the Feldstein-Horioka and Sachs' equations points towards greater (though not perfect) capital mobility than hitherto found. (C) 2014 Elsevier Inc. All rights reserved.

引用

页码：1 / 11

页数：11

共 17 条

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