A survey of the Feldstein–Horioka puzzle: What has been done and where we stand

Apergis, Nicholas; Tsoumas, Chris

doi:10.1016/j.rie.2009.05.001

Cited by 131 publications

(75 citation statements)

References 154 publications

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“…This puzzle, in spite of a number of empirical investigations with alternative specifications and estimation technique, still remains a puzzle. Recently the vast empirical literature on FHP is comprehensively surveyed by Apergis and Tsoumas (2009). They conclude that the majority of the empirical studies oppose the original strong results of FH but found that this correlation still exists in a weaker form.…”

Section: Introductionmentioning

confidence: 99%

Systems GMM estimates of the Feldstein–Horioka puzzle for the OECD countries and tests for structural breaks

2010

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Section: Introductionmentioning

confidence: 99%

Systems GMM estimates of the Feldstein–Horioka puzzle for the OECD countries and tests for structural breaks

2010

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“…2 FHP Hakkında kapsamlı bir literatür taraması için bakınız, Apergis, N., and Tsoumas, C. (2009). "A Survey of the Research in Economics,[64][65][66][67][68][69][70][71][72][73][74][75][76] ve Roldan, 1994;Jansen, 1996;Coakley ve Kulasi, 1997;Hussein, 1998;Coakley vd., 2001;Vita ve Abbott, 2002;Pelagidis ve Mastroyiannis, 2003;Caporale vd., 2005;Narayan, 2005;Bolatoğlu, 2005;Feldstein, 2005;İyidoğan ve Balıkçıoğlu, 2010;Ghosh ve Dutt, 2011;Esen vd., 2012;Ketenci, 2012 yıllarındaki çalışmaları FHP'yi zaman serisi analizi kapsamında inceleyen çalışmalar arasında yer almaktadırlar.…”

Section: International Journal Of Economic and Administrative Studiesunclassified

Tasarruf-Yatirim Ve Sermaye Hareketli̇li̇ği̇ni̇n Anali̇zi̇: Yükselen Pi̇yasa Ekonomi̇leri̇ Üzeri̇nde Bi̇r Uygulama (1992-2014)

Hüseyni¹,

Yalçınkaya²

2016

Uluslararası İktisadi Ve İdari İncelemeler Dergisi

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ÖZÜlkelerin sürdürülebilir bir ekonomik büyüme ivmesini yakalayabilmeleri üzerinde yurtiçi tasarruflar ile yurtiçi yatırımlar arasındaki ilişkilerin varlığı/nasıllığı son derece belirleyici bir rol oynamaktadır. Nitekim ekonomik büyüme verimlilik artışlarından bağımsız olarak yatırımlarla gerçekleşmekte, yatırımlar ise ancak tasarruflarla karşılanabilmektedir. Bu noktada, yurtiçi tasarrufların yurtiçi yatırımları karşılama oranı-nın ya da yurtiçi yatırımların yabancı tasarruflara olan bağımlılığının belirlenmesi gerekmektedir. Bu doğ-rultuda çalışmada, yurtiçi tasarruflar ile yurtiçi yatırımlar arasındaki ilişkilerin uluslararası arenada BRICS, MINT ve Kırılgan Beşli olarak lanse edilen yükselen piyasa ekonomilerinde Feldstein-Horioka Hipotezi çerçevesinde, 1992-2014 dönemine ait verilerle ve yatay kesit bağımlılığını dikkate alan yeni nesil panel veri analizi metodolojisi ile incelenmesi amaçlanmıştır. Çalışma sonucunda, tanımlanan ülke gruplarında yurtiçi tasarrufların yurtiçi yatırımları karşılama oranlarının, yani sermaye hareketliliğinin derecesinin ülke gruplarına göre önemli ölçüde değiştiği belirlenmiştir. Bununla birlikte, çalışmada BRICS, MINT ve Kırıl-gan Beşli ülke grupları üzerinde Feldstein-Horioka Hipotezinin geçerli olmadığı, aksine bu ülkelerde Feldstein-Horioka Paradoksunun nispeten sürmekte olduğu sonucuna ulaşılmıştır. THE ANALYSIS OF SAVINGS-INVESTMENT AND CAPITAL MOBILITY: AN APPLICATION ON EMERGING MARKET ECONOMIES (1992-2014) ABSTRACTThe countries over be able to capture sustainable economic growth acceleration, it is played an extremely decisive role that the presence/nature of the relationship between domestic savings and domestic investments. Indeed, economic growth as regardless of productivity increase has to took placed with investments, the investments simply can be met by savings. At this point, it is required that identification the ratio of domestic savings to meet domestic investments or domestic investments of dependence on foreign savings. In this respect the study, it is aimed that in emerging market economies which are launched as BRICS, MINT and Fragile Five in the international arena, in the frame Feldstein-Horioka Hypothesis, the relationship between domestic savings and domestic investments investigation by using a new generation of panel data analysis methodology which cross-section dependence taking into account and data for the period 1992-2014. As a result of the study, it has been determined that the ratios of domestic savings to meet domestic investments namely the degree of capital mobility according to the country groups significantly is varied. At the same time, in the study it has been concluded that Feldstein-Horioka Hypothesis is not validated on BRICS, MINT and Fragile Five countries groups, conversely Feldstein-Horioka Paradox is relatively continued in these countries.

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“…Some studies test the puzzle for developing countries and found out that the saving retention coefficient is small, indicating that the level of capital mobility is high in these countries (Payne and Kumazawa, 2006;Apergis and Tsoumas, 2009;Coakley et.al., 1999). On the contrary, other studies provide evidence that capital mobility is low in developing countries (Murthy, 2008;Ghosh and Ostry, 1995).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Their estimation results indicate that capital mobility is higher (0.34) in countries with strong legal protection of investors than in countries with worse protection (0.85). Overall, the test of the F-H puzzle for the developing countries, including Middle East countries, shows high capital mobility because the magnitude of foreign aid and the extent of the non-traded sector are high in these countries and they have weak financial markets and are relatively open economies (Apergis and Tsoumas, 2009). …”

Section: Literature Reviewmentioning

confidence: 99%

Capital Mobility in African Countries

Padawassou¹

2012

IJBM

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It is well known that one of the important aspects of achieving sustainable development is to preserve macroeconomic stability, which is closely related to the extent of capital mobility. Given the importance of the subject for open economies, this paper examines the degree of capital mobility for African countries by using among other methodologies the Feldstein-Horioka coefficients. To determine those coefficients, we use time series data and methods, along with the Dynamic Heterogeneous panel approach. We find significant cross-country heterogeneity in the dynamic of income per capita, investment rate, and saving rate; and conclude that it is invalid to pool data across our sample countries. Furthemore, the empirical findings reveal that for African countries included in the sample, the estimated saving retention coefficients are at the same time, small and high indicating respectively higher and lower degrees of capital mobility and therefore, challenging the results of Feldstein -Horioka on developing countries.

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A survey of the Feldstein–Horioka puzzle: What has been done and where we stand

Cited by 131 publications

References 154 publications

Systems GMM estimates of the Feldstein–Horioka puzzle for the OECD countries and tests for structural breaks

Systems GMM estimates of the Feldstein–Horioka puzzle for the OECD countries and tests for structural breaks

Tasarruf-Yatirim Ve Sermaye Hareketli̇li̇ği̇ni̇n Anali̇zi̇: Yükselen Pi̇yasa Ekonomi̇leri̇ Üzeri̇nde Bi̇r Uygulama (1992-2014)

Capital Mobility in African Countries

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