European Integration and the Feldstein-Horioka Puzzle

被引：22
作者：
Katsimi, Margarita [1 ,2 ]
Zoega, Gylfi [2 ,3 ,4 ]
机构：
[1] Athens Univ Econ & Business, Dept Int & European Econ Studies, 76 Patis Ave, Athens 10434, Greece
[2] CESifo, Munich, Germany
[3] Univ Iceland, Dept Econ, 2 Saemundargata, IS-101 Reykjavik, Iceland
[4] Univ London Birkbeck Coll, Dept Econ Math & Stat, Malet St, London WC1E 7HX, England
来源：
OXFORD BULLETIN OF ECONOMICS AND STATISTICS | 2016年 / 78卷 / 06期
关键词：
SAVING-INVESTMENT CORRELATIONS; INTERNATIONAL CAPITAL FLOWS; CURRENT ACCOUNT; ECONOMIC-GROWTH; AGE STRUCTURE; PANEL-DATA; COUNTRIES; MOBILITY; AREA;
D O I：
10.1111/obes.12130
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We apply the differences-in-differences method to study the effect of the European single market in 1993 and the euro in 1999 on the Feldstein-Horioka equation where countries outside the single market serve as a control group and those within as a treatment group. We find structural breaks that coincide with both events, in addition to the financial crisis in 2008. The results suggest that the correlation between investment and savings depends on institutions, exchange rate risk and credit risk. Furthermore, the pattern of capital flows within the single market leaves a significant part of the flows unexplained by fundamentals.
引用
收藏
页码：834 / 852
页数：19
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