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A pairwise-based approach to examining the Feldstein–Horioka condition of international capital mobility

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dc.creatorHolmes M.J.spa
dc.creatorOtero Cardona, Jesús Gilbertospa
dc.date.accessioned2020-05-26T00:06:41Z
dc.date.available2020-05-26T00:06:41Z
dc.date.created2016spa
dc.description.abstractWe propose a pairwise procedure to test the Feldstein–Horioka condition of capital mobility. In contrast to the existing approach, we explicitly examine the relationship between domestic investment and foreign savings rather than domestic savings. In terms of addressing the Feldstein–Horioka puzzle, our results based on a panel of OECD and emerging market economies initially suggest that the depth and extent of capital mobility remain generally limited and that mobility has increased over the past 20 years. However, in contrast to existing studies, we find that capital mobility between Euro and EU pairs is more extensive than between pairs that involve other countries. If our sample is expanded to include emerging markets, we find that capital mobility has also increased though is weaker than for OECD economies. We provide additional insight in terms of consistency between our assessment of capital mobility based on the Feldstein–Horioka condition (a quantity approach) and a price approach based on real interest rate differentials. © 2015, Springer-Verlag Berlin Heidelberg.eng
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1007/s00181-015-0937-8
dc.identifier.issn14358921
dc.identifier.issn03777332
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/23920
dc.language.isoengspa
dc.publisherSpringer Verlagspa
dc.relation.citationEndPage297
dc.relation.citationIssueNo. 2
dc.relation.citationStartPage279
dc.relation.citationTitleEmpirical Economics
dc.relation.citationVolumeVol. 50
dc.relation.ispartofEmpirical Economics, ISSN:14358921, 03777332, Vol.50, No.2 (2016); pp. 279-297spa
dc.relation.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84957428319&doi=10.1007%2fs00181-015-0937-8&partnerID=40&md5=d6b089a23fbc64787d9285c175288f73spa
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 flowspa
dc.subject.keywordEuropean unionspa
dc.subject.keywordForeign direct investmentspa
dc.subject.keywordInterest ratespa
dc.subject.keywordMobilityspa
dc.subject.keywordOecdspa
dc.subject.keywordSavingsspa
dc.subject.keywordEuropespa
dc.subject.keywordCapital mobilityspa
dc.subject.keywordFeldstein–horiokaspa
dc.subject.keywordPairwisespa
dc.subject.keywordReal interest ratesspa
dc.titleA pairwise-based approach to examining the Feldstein–Horioka condition of international capital mobilityspa
dc.typearticleeng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículospa
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