Capital Mobility in Emerging Europe

Caner Taslaman and Fazıl Kayıkçı

Emerging Markets Finance and Trade, 2013, vol. 49, issue S5, 250-258

Abstract: Panel cointegration methods are used to analyze the saving and investment relationships of the EU member countries; the degree of capital mobility is investigated by pooled mean group estimation. Results demonstrate that although saving and investment move together in the long run, there is also a moderate level of capital mobility in the short run, suggesting that the Feldstein-Horioka puzzle is not valid for these countries in the 1980-2012 period. Results differ in the subsamples of the European Union as the degree of capital mobility is higher in the eurozone countries and early members of the European Union.

Keywords: capital mobility; cointegration; investment; saving (search for similar items in EconPapers)
Date: 2013
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