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-Horioka puzzle ; capital mobility ; capital flows ; saving ; investment ; Adam Smith ; invisible hand …
Persistent link: https://www.econbiz.de/10003981928
In this paper, we show that Adam Smith pointed out the existence of the Feldstein-Horioka Paradox or Puzzle and even gave an explanation for it more than 200 years before the publication of Feldstein and Horioka (1980). Smith argues that it is the pursuit of their own security that leads owners...
Persistent link: https://www.econbiz.de/10013142996
, which is that even though global financial markets appear to be integrated, levels of saving and investment are correlated …
Persistent link: https://www.econbiz.de/10011756014
Martin Stuart ("Marty") Feldstein, currently George F. Baker Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, Inc. (NBER), is a renowned American economist who has made important contributions to public finance, macroeconomics,...
Persistent link: https://www.econbiz.de/10010381488
Martin Stuart ("Marty") Feldstein, currently George F. Baker Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, Inc. (NBER), is a renowned American economist who has made important contributions to public finance, macroeconomics,...
Persistent link: https://www.econbiz.de/10010374085
investment rate on the domestic saving rate, the estimated coefficient is significantly larger than what would be expected in a … world characterized by high capital mobility) should have never been labeled as such. First, we show that the investment and … saving series typically used in empirical exercises to test the Feldstein-Horioka thesis are not appropriate for testing …
Persistent link: https://www.econbiz.de/10013192226
We revisit the Feldstein-Horioka (FH) puzzle using data for 23 Organisation for Economic Co-operation and Development (OECD) countries for the period 1973-2003. We document a sharp decline in the FH coefficient from the mid-1990s onward, supporting the hypothesis of increased economic and...
Persistent link: https://www.econbiz.de/10013152338
, which is that even though global financial markets appear to be integrated, levels of saving and investment are correlated …
Persistent link: https://www.econbiz.de/10012944160
the relationship between domestic investment and saving: whatever the transition mechanism specified, each test strongly … countries (1960-2000), we test the influence of various threshold variables (degree of openness, size, demography) on the saving …
Persistent link: https://www.econbiz.de/10012985178
investment rate on the domestic saving rate, the estimated coefficient is significantly larger than what would be expected in a … investment, and domestic saving. This implies that the estimate of the coefficient of the saving rate in the Feldstein … world characterized by high capital mobility) should have never been labeled as such. First, we show that the investment and …
Persistent link: https://www.econbiz.de/10013290178