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

被引：27

作者：

Rao, B. Bhaskara ^{[1
]}

Tamazian, Artur ^{[2
]}

Kumar, Saten ^{[3
]}

机构：

[1] Univ Western Sydney, Sydney, NSW, Australia

[2] Univ Santiago de Compostela, Santiago De Compostela, Spain

[3] Auckland Univ Technol, Auckland, New Zealand

来源：

ECONOMIC MODELLING | 2010年 / 27卷 / 05期

关键词：

Feldstein-Horioka puzzle; Structural breaks; Effects of Bretton Woods and Maastricht; agreements on international capital mobility;

D O I：

10.1016/j.econmod.2010.02.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A systems GMM estimation method is used to estimate the Feldstein-Horioka equation from 1960 to 2007 with a panel of 13 OECD countries. It is found that the Feldstein-Horioka puzzle exists in a weaker form with a much reduced saving retention coefficient. The Bretton Woods agreement in particular seems to have weakened the Feldstein-Horioka puzzle by significantly improving international capital mobility. In comparison the Maastricht agreement seems to have improved capital mobility only by a small magnitude. The Blundell and Bond systems GMM method and structural break tests of Mancini-Griffoli and Pauwels are used in this paper. Crown Copyright (C) 2010 Published by Elsevier B.V. All rights reserved.

引用

页码：1269 / 1273

页数：5

共 23 条

[1]

[Anonymous], 04 HEI GRAD I INT ST

[2]

[Anonymous], FELDSTEIN HORIOKA FA

[3]

[Anonymous], CESIFO WORKING PAPER

[4]

[Anonymous], EC OPEN ACCESS OPEN