The "Mother of All Puzzles" at thirty: a meta-analysis

Christophe Tavera (), Jean-Christophe Poutineau (), Jean-Sébastien Pentecôte (), Isabelle Cadoret, Arthur Charpentier, Chantal Guéguen, Marilyne Huchet (), Julien Licheron, Guillaume L'Oeillet (), Nathalie Payelle () and Sébastien Pommier ()
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Jean-Christophe Poutineau: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Chantal Guéguen: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Julien Licheron: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Guillaume L'Oeillet: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Nathalie Payelle: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Sébastien Pommier: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper provides a meta-analysis of 1651 point estimates of Feldstein and Horioka saving retention coefficient from 49 peer-reviewed papers published over three decades. We get two main results. First, correcting for publication bias, we find a consistent underlying coefficient lying between 0.56 and 0.67 for studies using the original paper. Second, heterogeneity reported in the estimates of the Feldstein and Horioka can be explained by a few main factors. In particular, we find evidence that the saving retention coefficient is systematically underestimated with models written in first difference, models using the saving ratio or the current account ratio as the dependent variable instead of the investment ratio, and models including indicators of the public deficit or indicators of the country size as additional explanatory variables.

Keywords: Meta-analysis; saving-investment correlation; capital mobility; Feldstein-Horioka coefficient (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-ger and nep-opm
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01112088v1
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Published in International Economics, 2015, 141, pp.80-96. ⟨10.1016/j.inteco.2015.01.001⟩

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Journal Article: The “mother of all puzzles” at thirty: A meta-analysis (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01112088

DOI: 10.1016/j.inteco.2015.01.001

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