Download or read book The Feldstein Horioka Puzzle and Capital Mobility written by Farida Kulasi and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Feldstein Horioka Puzzle and a New Measure of International Capital Mobility written by Mathias Hoffmann and published by . This book was released on 1999 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Long Run Capital Flows and the Feldstein horioka Puzzle a New Mesaure of International Capital Mobility and Som E Historical Evidence from Great Britain and the United States written by Mathias Hoffmann and published by . This book was released on 1998 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Long Run Capital Flows and the Feldstein Horioka Puzzle written by and published by . This book was released on 1990 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Long Run Capital Flows and the Feldstein Horioka Puzzle written by Mathias Hoffmann and published by . This book was released on 1998 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Mobility and the Feldstein Horioka Puzzle written by James E. Payne and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This empirical study extends the work of Coakley et al. (Manchester School, Vol. 72 (2004), pp. 569-590) with respect to the Feldstein-Horioka puzzle for a sample of 47 developing countries. The study examines the savings-investment relationship through a comparison of the Feldstein-Horioka cross-section estimator results with the results obtained from a mean group estimator allowing for the cross-section dependence and permanent shocks to the current account. The mean group estimator results indicate higher capital mobility with a savings coefficient of 0.36, 25 per cent lower than the estimates based on the cross-section estimator, for the whole sample with little variation across subregions.
Download or read book The real Explanation of the Feldstein Horioka Puzzle written by Nicholas Ford and published by . This book was released on 2016 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that global capital markets cannot, by themselves, achieve net transfers of financial capital between countries and that both the integration of global financial markets as well as the integration of global goods markets are needed to achieve net transfers of capital between countries. Frictions (barriers to mobility) in one or both of these markets can impede net transfers of capital between countries, produce the Feldstein and Horioka (1980) results, and prevent real interest rates from being equalized across countries. Moreover, there is empirical evidence that barriers to the mobility of goods and services are an important obstacle to international capital mobility.
Download or read book International Capital Mobility in OECD Countries written by Khaled A. Hussein and published by . This book was released on 1997 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Feldstein Horioka Puzzle and Capital Mobility written by Syed Sajid Ali and published by . This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Feldstein Horioka Puzzle written by Pavel Trunin and published by . This book was released on 2013 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary purpose of this paper is to test the hypothesis of capital mobility reduction in the wake of the global financial crisis of 2008-2009. Through the constructed models we tested hypotheses about the long- and short-term mobility of global capital by estimating the correlation between savings and investment rates. The paper also deals with the question of capital mobility in Russia. Recommendations on monetary policy in Russia in the coming years based on the obtained findings were made.
Download or read book A Note on Human Capital and the Feldstein Horioka Puzzle written by Margarita Katsimi and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we re-examine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e. including human capital) of investment and saving. We find that the decline in the economic significance of the Feldstein-Horioka result, found in studies using more recent data, holds also for our broader definition of saving and investment.
Download or read book The Feldstein Horioka Puzzle in Transition Economies written by Despina Petreska and published by LAP Lambert Academic Publishing. This book was released on 2012-08 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most famous puzzles in economics is the one of Martin Feldstein and Charles Horioka, who in their seminal paper from 1980 in the Economic Journal showed that in conditions of perfect mobility of capital, there is high correlation between domestic savings and investment. This result is inconsistent with the theory of perfect capital mobility, according to which there should be no link between domestic savings and investment: domestic savings will require the best opportunities for investment and domestic investment will be financed by international financial funds. The objective of this study is to investigate the existence of the Feldstein and Horioka puzzle in transition countries that are part of three groups: Southeast Europe (SEE), Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS), with special reference to Macedonia. The main conclusion from the empirical analysis is that the puzzle of Feldstein and Horioka exists in all three panels of countries, including Macedonia, but the relation between saving and investment is generally lower than 1.
Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Download or read book Post Socialist Capital Market written by Stephan Vinokurov and published by . This book was released on 2014 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Feldstein-Horioka puzzle is often referred to as evidence of poor capital mobility between countries. One might expect that integrated economies (such as in the EU) would lead to the end of this puzzle. On the contrary, disintegration would be likely to produce this puzzle. The Comecon's members, especially former Soviet republics, have suffered such a destruction of common economic space last several decades. However, we find that the Feldstein-Horioka puzzle is not clearly observable among these countries.We try to find an explanation in the sense of ties between economic actors. The specific circumstances of the post-socialist transformation made it more or less difficult to run long-time investment projects. Therefore, investments in these countries were not constrained in this way and could “choose” their direction relatively freely.It brings us to the conclusion that the Feldstein-Horioka puzzle is a characteristic of economic actors and their environment to a greater extent than capital market frictions per se.
Download or read book Developing Countries and the Feldstein Horioka Puzzle written by Mr.Athanasios Vamvakidis and published by International Monetary Fund. This book was released on 1998-01-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The previous literature points to a high correlation between domestic rates of investment and savings among OECD countries. Some take this as evidence of limited financial integration in the industrialized world. This paper presents new empirical results, based on an extended sample of countries. The correlation coefficient in a regression of the rate of domestic investment on the rate of domestic savings is statistically insignificant most of the time and generally smaller than 0.3 for any sample other than the OECD. This finding is robust with respect to alternative time periods, subsample and estimation methods. In particular, we control for measurement error, business cycle effects, and country-specific fixed effects.
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Download or read book Why the Feldstein Horioka puzzle Remains Unsolved written by Jesus Felipe and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that the 40-year-old Feldstein-Horioka "puzzle" (i.e., that in a regression of the domestic investment rate on the domestic saving rate, the estimated coefficient is significantly larger than what would be expected in a world characterized by high capital mobility) should have never been labeled as such. First, we show that the investment and saving series typically used in empirical exercises to test the Feldstein-Horioka thesis are not appropriate for testing capital mobility. Second, and complementary to the first point, we show that the FeldsteinHorioka regression is not a model in the econometric sense, i.e., an equation with a proper error term (a random variable). The reason is that by adding the capital account to their regression, one gets the accounting identity that relates the capital account, domestic investment, and domestic saving. This implies that the estimate of the coefficient of the saving rate in the FeldsteinHorioka regression can be thought of as a biased estimate of the same coefficient in the accounting identity, where it has a value of one. Since the omitted variable is known, we call it "pseudo bias." Given that this (pseudo) bias is known to be negative and less than one in absolute terms, it should come as no surprise that the Feldstein-Horioka regression yields a coefficient between zero and one.
