Alternativní pojetí Feldsteinova-Horiokova modelu za předpokladu proměnlivých parametrů: studie dopadu vstupu České republiky do Evropské unie

Alternative Concept of the Feldstein-Horioka Model under a Variable Parameter Assumption: a Study of the Czech Republic's Accession to the European Union

Lukáš Frýd

Politická ekonomie, 2020, vol. 2020, issue 2, 121-141

Abstract: We investigate the impact of the Czech Republic's membership in the European Union on capital mobility. Our estimation of capital mobility is based on the alternative Feldstein-Horioka model. The model comes from intertemporal budget constraints with the additional assumption of a different data generation process. We propose an empirical framework to capture two different regimes in the vector error correction model. We show that the period 1996-2004 is composed of both regimes. The most important conclusion is that the period 1996-2004 is connected with a mix of both regimes. However, the period 2005-2017 comprises only one regime, which is connected with higher capital mobility. Therefore, capital mobility in the Czech Republic increased after 2004.

Keywords: Feldstein-Horioka model; variable regime models; cointegration threshold tests (search for similar items in EconPapers)
JEL-codes: E22 F41 F45 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.18267/j.polek.1277

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