The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011

This paper examines the relationship between national investment and saving in Colombia during the period 1925-2011 -- Consistent with Cardenas and Escobar (1998), an Error Correction Model is used to examine short and long run effects -- The results provide evidence that investment and saving are c...

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Autores:
Penagos Gómez, Óscar
Rojas Serrano, Héctor
Campo Robledo, Jacobo
Tipo de recurso:
Fecha de publicación:
2015
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
spa
OAI Identifier:
oai:repository.eafit.edu.co:10784/7804
Acceso en línea:
http://hdl.handle.net/10784/7804
Palabra clave:
C12
C22
F21
F41
Paradoja de Feldstein - Horioka
AHORRO E INVERSIÓN
MERCADO FINANCIERO
TASAS DE INTERÉS
MODELOS ECONÓMICOS
COINTEGRACIÓN
MODELOS ECONOMÉTRICOS
RENTAS NACIONALES - CONTABILIDAD
Saving and investment
Capital market
Interest rates
Economic models
Cointegration
Econometric models
National income - Accounting
Rights
License
Copyright (c) 2015 Óscar Penagos Gómez, Héctor Rojas Serrano, Jacobo Campo Robledo
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spelling 2015-06-302015-11-30T15:31:29Z2015-06-302015-11-30T15:31:29Z1657-4206http://hdl.handle.net/10784/780410.17230/ecos.2015.40.1This paper examines the relationship between national investment and saving in Colombia during the period 1925-2011 -- Consistent with Cardenas and Escobar (1998), an Error Correction Model is used to examine short and long run effects -- The results provide evidence that investment and saving are co-integrated during the study period -- The results for the co-integration vector, with and without structural breaks, indicate that capital mobility was low, which is consistent with the Feldstein – Horioka [1980] paradox -- The results imply that increases in domestic saving rates reduce the mobility of financial capital in ColombiaEste artículo examina la relación entre la inversión nacional y el ahorro en Colombia durante el periodo 1925-2011 -- De manera consistente con Cárdenas y Escobar (1998), se utiliza un Modelo de Corrección de Errores para examinar los efectos de corto y largo plazo -- Los resultados evidencian que la inversión y el ahorro están co-integradas durante el periodo de estudio -- Los resultados para el vector de cointegración, incluyendo quiebres estructurales y sin incluirlos, indican que la movilidad del capital era baja, lo cual es consistente con la paradoja de Feldstein y Horioka (1980) -- Los resultados implican que aumentos en las tasas domésticas de ahorro reducen la movilidad del capital financiero en Colombiaapplication/pdfspaUniversidad EAFITEcos de Economía: A Latin American Journal of Applied Economics; Vol 19, No 40 (2015); 4-24http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3037http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3037Copyright (c) 2015 Óscar Penagos Gómez, Héctor Rojas Serrano, Jacobo Campo RobledoAcceso abiertohttp://purl.org/coar/access_right/c_abf2instname:Universidad EAFITreponame:Repositorio Institucional Universidad EAFITEcos de Economía: A Latin American Journal of Applied Economics; Vol 19, No 40 (2015); 4-24C12C22F21F41Paradoja de Feldstein - HoriokaAHORRO E INVERSIÓNMERCADO FINANCIEROTASAS DE INTERÉSMODELOS ECONÓMICOSCOINTEGRACIÓNMODELOS ECONOMÉTRICOSRENTAS NACIONALES - CONTABILIDADSaving and investmentCapital marketInterest ratesEconomic modelsCointegrationEconometric modelsNational income - AccountingThe Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011La Paradoja de Feldstein-Horioka – evidencia para Colombia durante 1925-2011info:eu-repo/semantics/articlearticleArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Penagos Gómez, ÓscarRojas Serrano, HéctorCampo Robledo, JacoboUniversidad Católica de ColombiaUniversidad Católica de ColombiaUniversidad Católica de ColombiaEcos de Economía: A Latin American Journal of Applied Economics1940424ecos.econ.ORIGINALdocument (77).pdfdocument (77).pdfTexto completo PDFapplication/pdf486200https://repository.eafit.edu.co/bitstreams/05d1cb79-552e-4c70-8a52-8299e54812ca/download890d7123c6b9d93bd899bcbba1438167MD51articulo.htmlarticulo.htmlTexto completo HTMLtext/html377https://repository.eafit.edu.co/bitstreams/0ebe6bd8-7ea1-4329-947f-b2cc42a881ab/downloadb994d365ae08676159ec311485bc0730MD53THUMBNAILminaitura-ecos_Mesa de trabajo 1.jpgminaitura-ecos_Mesa de trabajo 1.jpgimage/jpeg251248https://repository.eafit.edu.co/bitstreams/882d558e-937c-4b53-8b11-df06bae5bcde/download9b15d674b076c1793a0bc25cebb1bcefMD5210784/7804oai:repository.eafit.edu.co:10784/78042020-03-18 12:24:50.788open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co
dc.title.eng.fl_str_mv The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
dc.title.spa.fl_str_mv La Paradoja de Feldstein-Horioka – evidencia para Colombia durante 1925-2011
title The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
spellingShingle The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
C12
C22
F21
F41
Paradoja de Feldstein - Horioka
AHORRO E INVERSIÓN
MERCADO FINANCIERO
TASAS DE INTERÉS
MODELOS ECONÓMICOS
COINTEGRACIÓN
MODELOS ECONOMÉTRICOS
RENTAS NACIONALES - CONTABILIDAD
Saving and investment
Capital market
Interest rates
Economic models
Cointegration
Econometric models
National income - Accounting
title_short The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
title_full The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
title_fullStr The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
title_full_unstemmed The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
title_sort The Feldstein-Horioka Paradox – evidence for Colombia during 1925-2011
dc.creator.fl_str_mv Penagos Gómez, Óscar
Rojas Serrano, Héctor
Campo Robledo, Jacobo
dc.contributor.author.spa.fl_str_mv Penagos Gómez, Óscar
Rojas Serrano, Héctor
Campo Robledo, Jacobo
dc.contributor.affiliation.spa.fl_str_mv Universidad Católica de Colombia
Universidad Católica de Colombia
Universidad Católica de Colombia
dc.subject.none.fl_str_mv C12
C22
F21
F41
Paradoja de Feldstein - Horioka
topic C12
C22
F21
F41
Paradoja de Feldstein - Horioka
AHORRO E INVERSIÓN
MERCADO FINANCIERO
TASAS DE INTERÉS
MODELOS ECONÓMICOS
COINTEGRACIÓN
MODELOS ECONOMÉTRICOS
RENTAS NACIONALES - CONTABILIDAD
Saving and investment
Capital market
Interest rates
Economic models
Cointegration
Econometric models
National income - Accounting
dc.subject.lemb.none.fl_str_mv AHORRO E INVERSIÓN
MERCADO FINANCIERO
TASAS DE INTERÉS
MODELOS ECONÓMICOS
COINTEGRACIÓN
MODELOS ECONOMÉTRICOS
RENTAS NACIONALES - CONTABILIDAD
dc.subject.keyword.none.fl_str_mv Saving and investment
Capital market
Interest rates
Economic models
Cointegration
Econometric models
National income - Accounting
description This paper examines the relationship between national investment and saving in Colombia during the period 1925-2011 -- Consistent with Cardenas and Escobar (1998), an Error Correction Model is used to examine short and long run effects -- The results provide evidence that investment and saving are co-integrated during the study period -- The results for the co-integration vector, with and without structural breaks, indicate that capital mobility was low, which is consistent with the Feldstein – Horioka [1980] paradox -- The results imply that increases in domestic saving rates reduce the mobility of financial capital in Colombia
publishDate 2015
dc.date.available.none.fl_str_mv 2015-11-30T15:31:29Z
dc.date.issued.none.fl_str_mv 2015-06-30
dc.date.accessioned.none.fl_str_mv 2015-11-30T15:31:29Z
dc.date.none.fl_str_mv 2015-06-30
dc.type.eng.fl_str_mv info:eu-repo/semantics/article
article
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http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.local.spa.fl_str_mv Artículo
dc.identifier.issn.none.fl_str_mv 1657-4206
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/7804
dc.identifier.doi.none.fl_str_mv 10.17230/ecos.2015.40.1
identifier_str_mv 1657-4206
10.17230/ecos.2015.40.1
url http://hdl.handle.net/10784/7804
dc.language.iso.spa.fl_str_mv spa
language spa
dc.relation.ispartof.eng.fl_str_mv Ecos de Economía: A Latin American Journal of Applied Economics; Vol 19, No 40 (2015); 4-24
dc.relation.isversionof.none.fl_str_mv http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3037
dc.relation.uri.none.fl_str_mv http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3037
dc.rights.spa.fl_str_mv Copyright (c) 2015 Óscar Penagos Gómez, Héctor Rojas Serrano, Jacobo Campo Robledo
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.local.spa.fl_str_mv Acceso abierto
rights_invalid_str_mv Copyright (c) 2015 Óscar Penagos Gómez, Héctor Rojas Serrano, Jacobo Campo Robledo
Acceso abierto
http://purl.org/coar/access_right/c_abf2
dc.format.none.fl_str_mv application/pdf
dc.publisher.spa.fl_str_mv Universidad EAFIT
dc.source.none.fl_str_mv instname:Universidad EAFIT
reponame:Repositorio Institucional Universidad EAFIT
dc.source.eng.fl_str_mv Ecos de Economía: A Latin American Journal of Applied Economics; Vol 19, No 40 (2015); 4-24
instname_str Universidad EAFIT
institution Universidad EAFIT
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