Makedonas, Eleftherios; Tsopoglou, Stavros - In: Economic Issues Journal Articles 18 (2013) 1, pp. 39-56
A new proxy variable for the investment part of the initial Feldstein and Horioka model is proposed. We denominate it 'modified gross fixed capital formation'. It is derived by subtracting the imports of fixed assets included in an economy's gross fixed capital formation from the gross fixed...