Testing The Validity of the Feldstein-Horioka Puzzle For Croatia

Hrvoje Jošić and Mislav Jošić

Economic Research-Ekonomska Istraživanja, 2012, vol. 25, issue 3, 580-599

Abstract: The relationship between savings and investment is one of the fundamental issues in international economics. This topic comes in the centre of attention after pioneering work of Feldstein and Horioka (1980). The aim of the paper is testing of the Feldstein-Horioka puzzle in the case of Croatia since 1994. Johansen’s cointegration approach and Granger causality test were used. In order to determine the dynamics of the savings-investment relation econometric VAR model was introduced. Using innovation analysis impulse response functions and variance decomposition analysis of the observed variables were given.

Date: 2012
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DOI: 10.1080/1331677X.2012.11517524

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