A panel cointegration approach to the investment-saving correlation |
| |
| Authors: | Tsung-wu Ho |
| |
| Institution: | (1) Department of Economics, Shih Hsin University, No. 1, Lane 17, Section 1, Mu-Cha Road, Taipei, 11602, Taiwan, R.O.C. (e-mail: tsungwu@cc.shu.edu.tw), TW |
| |
| Abstract: | This paper augments the empirical literature concerning the Feldstein-Horioka puzzle using non-stationary panel data. Recently
developed tests for panel cointegration and panel unit root tests are employed. We find substantial evidence to support the
hypothesis of no cointegration in this panel, implying a high degree of international capital mobility. Our results suggest
that tests for cointegration in panel data provides a better methodological focus than the magnitude of saving-retention coefficients.
First version received: August 1999/Final version accepted: December 2000 |
| |
| Keywords: | : Panel cointegration Saving-retention coefficient International capital mobility |
| 本文献已被 SpringerLink 等数据库收录！ |
|
