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Chapter 9. Assessing International Efficiency
Heathcote, Jonathan; Perri, Fabrizio - In: Handbook of international economics : Volume 4, (pp. 523-584). 2014
This chapter is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation...
Persistent link: https://www.econbiz.de/10014025377
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The Feldstein-Horioka puzzle or paradox after 44 Years : a fallacy of composition
Horioka, Charles - 2024
The finding of Feldstein and Horioka (1980) that domestic saving and domestic investment are highly correlated across countries despite the rapid globalization and liberalization of financial markets in recent decades has been regarded as a Puzzle or Paradox. However, in this paper, we show that...
Persistent link: https://www.econbiz.de/10014530303
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Why the Feldstein-Horioka “Puzzle” Remains Unsolved
Felipe, Jesus; Fullwiler, Scott; Yusoph, Al-Habbyel - 2022
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
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Why the Feldstein-Horioka "puzzle" remains unsolved
Felipe, Jesus; Fullwiler, Scott; Yusoph, Al-Habbyel - 2022
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/10013192226
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Why the Feldstein-Horioka “Puzzle” Remains Unsolved
Felipe, Jesus; Fullwiler, Scott; Yusoph, Al-Habbyel - 2022
rate on the domestic saving rate, the estimated coefficient is significantly larger than expected in a world with high …
Persistent link: https://www.econbiz.de/10014078601
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International Risk Sharing and Low Cross-Country Consumption Correlations : Are They Really Inconsistent?
Pakko, Michael R. - 1998
In dynamic equilibrium trade models, the common assumption that asset markets are complete implies that correlations of consumption across countries should be quite high. In contrast, measured consumption correlations tend to be rather low. While some suggest this implies that asset market...
Persistent link: https://www.econbiz.de/10014077155
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Financial Integration and International Risk Sharing
Bai, Yan - 2009
Conventional wisdom suggests that financial liberalization can help countries insure against idiosyncratic risk. There … is little evidence, however, that countries have increased risk sharing despite recent widespread financial …, financial contracts are incomplete and enforceability of debt repayment is limited. Default risk of debt contracts constrains …
Persistent link: https://www.econbiz.de/10013153048
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The solution to the Feldstein-Horioka puzzle
Horioka, Charles; Ford, Nicholas - 2017
The purpose of this paper is to set out a surprisingly simple solution to the Feldstein-Horioka Puzzle or Paradox, which is that even though global financial markets appear to be integrated, levels of saving and investment are correlated across countries because financial markets cannot, by...
Persistent link: https://www.econbiz.de/10011756014
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Assessing international efficiency
Heathcote, Jonathan; Perri, Fabrizio - 2013 - This version: April, 2013
Persistent link: https://www.econbiz.de/10011814230
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The Feldstein-Horioka Fact
Giannone, Domenico; Lenza, Michele - 2021
This paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving-retention coefficient remains high in the 70's but decreases...
Persistent link: https://www.econbiz.de/10013316585