Capital mobility and global factor shocks

被引：11

作者：

Costantini, Mauro ^{[1
]}

Gutierrez, Luciano ^{[2
]}

机构：

[1] Brunel Univ, London, England

[2] Univ Sassari, I-07100 Sassari, Italy

来源：

ECONOMICS LETTERS | 2013年 / 120卷 / 03期

关键词：

Saving; Investment; Capital mobility; Panel cointegration; FELDSTEIN-HORIOKA PUZZLE; PANEL COINTEGRATION; MONTE-CARLO; UNIT-ROOT; INVESTMENT; COMMON; TESTS; REGRESSION;

D O I：

10.1016/j.econlet.2013.06.008

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper focuses on the effects of global factors on the saving investment relationship. We prove that, if investments and savings are affected by idiosyncratic and global components, they must be cointegrated to obtain reliable estimates of the saving-retention coefficient. When global shocks are taken into account through common factors, we find that the estimated saving-retention coefficient is close to zero for a panel of 21 OECD countries. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：513 / 515

页数：3

共 25 条

[1] International capital mobility: Evidence from panel cointegration tests [J].