Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup

We re-examine two complementary views of international capital mobility using data for 25 OECD countries over the period 1970-2011. Estimation of the original Feldstein-Horioka and Sachs' equations provides mixed evidence of capital mobility, though we do not detect a significant bias towards f...

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Fecha de publicación:
2014
Institución:
Universidad del Rosario
Repositorio:
Repositorio EdocUR - U. Rosario
Idioma:
eng
OAI Identifier:
oai:repository.urosario.edu.co:10336/22174
Acceso en línea:
https://doi.org/10.1016/j.iref.2014.03.002
https://repository.urosario.edu.co/handle/10336/22174
Palabra clave:
Capital mobility
Current account
Feldstein-Horioka
Heterogeneous panel
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spelling eb727fd3-c31e-4a26-8c50-6f3fee0e65b3-1792428146002020-05-25T23:55:41Z2020-05-25T23:55:41Z2014We re-examine two complementary views of international capital mobility using data for 25 OECD countries over the period 1970-2011. Estimation of the original Feldstein-Horioka and Sachs' equations provides mixed evidence of capital mobility, though we do not detect a significant bias towards finding in favour of capital immobility in using time-averaged data. However, potential bias in cross-sectional estimation motivates us to examine the data as a heterogeneous panel which allows us to control for the effects of cross-sectional dependence and endogeneity. In addressing the Feldstein-Horioka puzzle, application of the CCEMG estimator of Pesaran (2006) to the Feldstein-Horioka and Sachs' equations points towards greater (though not perfect) capital mobility than hitherto found. © 2014 Elsevier Inc.application/pdfhttps://doi.org/10.1016/j.iref.2014.03.00210590560https://repository.urosario.edu.co/handle/10336/22174engElsevier Inc.111International Review of Economics and FinanceVol. 33International Review of Economics and Finance, ISSN:10590560, Vol.33,(2014); pp. 1-11https://www.scopus.com/inward/record.uri?eid=2-s2.0-84897419601&doi=10.1016%2fj.iref.2014.03.002&partnerID=40&md5=0270a7b37c90762bb33ccc11d77b984dAbierto (Texto Completo)http://purl.org/coar/access_right/c_abf2instname:Universidad del Rosarioreponame:Repositorio Institucional EdocURCapital mobilityCurrent accountFeldstein-HoriokaHeterogeneous panelRe-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setuparticleArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501Holmes, Mark J.Otero Cardona, Jesús GilbertoORIGINAL1-s2-0-S1059056014000331-main.pdfapplication/pdf296956https://repository.urosario.edu.co/bitstreams/67b7cab9-f59e-4125-bdf6-1e675358638d/download2a556a107923bf8220ed3f5c1affb706MD51TEXT1-s2-0-S1059056014000331-main.pdf.txt1-s2-0-S1059056014000331-main.pdf.txtExtracted texttext/plain62531https://repository.urosario.edu.co/bitstreams/670bea18-b7fa-4b20-a82d-893d947e2ce3/download680996e262fbfef6d0f93c974c89fb88MD52THUMBNAIL1-s2-0-S1059056014000331-main.pdf.jpg1-s2-0-S1059056014000331-main.pdf.jpgGenerated Thumbnailimage/jpeg4144https://repository.urosario.edu.co/bitstreams/94da4cee-5259-4700-85f5-83cf1442c0d5/download7298c970cb00934044492f6d7e38204fMD5310336/22174oai:repository.urosario.edu.co:10336/221742022-05-02 07:37:20.27946https://repository.urosario.edu.coRepositorio institucional EdocURedocur@urosario.edu.co
dc.title.spa.fl_str_mv Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
title Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
spellingShingle Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
Capital mobility
Current account
Feldstein-Horioka
Heterogeneous panel
title_short Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
title_full Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
title_fullStr Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
title_full_unstemmed Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
title_sort Re-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setup
dc.subject.keyword.spa.fl_str_mv Capital mobility
Current account
Feldstein-Horioka
Heterogeneous panel
topic Capital mobility
Current account
Feldstein-Horioka
Heterogeneous panel
description We re-examine two complementary views of international capital mobility using data for 25 OECD countries over the period 1970-2011. Estimation of the original Feldstein-Horioka and Sachs' equations provides mixed evidence of capital mobility, though we do not detect a significant bias towards finding in favour of capital immobility in using time-averaged data. However, potential bias in cross-sectional estimation motivates us to examine the data as a heterogeneous panel which allows us to control for the effects of cross-sectional dependence and endogeneity. In addressing the Feldstein-Horioka puzzle, application of the CCEMG estimator of Pesaran (2006) to the Feldstein-Horioka and Sachs' equations points towards greater (though not perfect) capital mobility than hitherto found. © 2014 Elsevier Inc.
publishDate 2014
dc.date.created.spa.fl_str_mv 2014
dc.date.accessioned.none.fl_str_mv 2020-05-25T23:55:41Z
dc.date.available.none.fl_str_mv 2020-05-25T23:55:41Z
dc.type.eng.fl_str_mv article
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dc.identifier.issn.none.fl_str_mv 10590560
dc.identifier.uri.none.fl_str_mv https://repository.urosario.edu.co/handle/10336/22174
url https://doi.org/10.1016/j.iref.2014.03.002
https://repository.urosario.edu.co/handle/10336/22174
identifier_str_mv 10590560
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dc.relation.citationEndPage.none.fl_str_mv 11
dc.relation.citationStartPage.none.fl_str_mv 1
dc.relation.citationTitle.none.fl_str_mv International Review of Economics and Finance
dc.relation.citationVolume.none.fl_str_mv Vol. 33
dc.relation.ispartof.spa.fl_str_mv International Review of Economics and Finance, ISSN:10590560, Vol.33,(2014); pp. 1-11
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dc.publisher.spa.fl_str_mv Elsevier Inc.
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