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

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dc.creatorHolmes, Mark J.spa
dc.creatorOtero Cardona, Jesús Gilberto
dc.date.accessioned2020-05-25T23:55:41Z
dc.date.available2020-05-25T23:55:41Z
dc.date.created2014spa
dc.description.abstractWe 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.eng
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1016/j.iref.2014.03.002
dc.identifier.issn10590560
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/22174
dc.language.isoengspa
dc.publisherElsevier Inc.spa
dc.relation.citationEndPage11
dc.relation.citationStartPage1
dc.relation.citationTitleInternational Review of Economics and Finance
dc.relation.citationVolumeVol. 33
dc.relation.ispartofInternational Review of Economics and Finance, ISSN:10590560, Vol.33,(2014); pp. 1-11spa
dc.relation.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84897419601&doi=10.1016%2fj.iref.2014.03.002&partnerID=40&md5=0270a7b37c90762bb33ccc11d77b984dspa
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)spa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subject.keywordCapital mobilityspa
dc.subject.keywordCurrent accountspa
dc.subject.keywordFeldstein-Horiokaspa
dc.subject.keywordHeterogeneous panelspa
dc.titleRe-examining the Feldstein-Horioka and Sachs' views of capital mobility: A heterogeneous panel setupspa
dc.typearticleeng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículospa
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