The Feldstein-Horioka Fact

Domenico Giannone and Michele Lenza

No 2009_022, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

Abstract: This paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving-retention coefficient remains high in the 70’s but decreases considerably since the 80’s, consistently with the increased capital mobility in OECD countries.

Keywords: Saving-Investment correlation; capital mobility; international comovement; dynamic factor model. (search for similar items in EconPapers)
JEL-codes: C23 F32 F41 (search for similar items in EconPapers)
Pages: 21 p.
Date: 2009
New Economics Papers: this item is included in nep-bec, nep-cba, nep-lab, nep-mac and nep-opm
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Citations: View citations in EconPapers (29)

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Related works:
Chapter: The Feldstein-Horioka Fact (2010)
Journal Article: The Feldstein-Horioka Fact (2010)
Working Paper: The Feldstein-Horioka fact (2009)
Working Paper: The Feldstein-Horioka fact (2008)
Working Paper: The Feldstein-Horioka Fact (2004)
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