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The Feldstein-Horioka Puzzle: a Panel SmoothTransition Regression Approach

Julien Fouquau, Christophe Hurlin () and Isabelle Rabaud ()

Working Papers from HAL

Abstract: This paper proposes an original framework to determine the relative influence of fivefactors on the Feldstein and Horioka result of OECD countries with a strong saving-investment association. Based on panel threshold regression models, we establishcountry-specific and time-specific saving retention coefficients for 24 OECD coun-tries over the period 1960-2000. These coefficients are assumed to change smoothly,as a function of five threshold variables, considered as the most important in theliterature devoted to the Feldstein and Horioka puzzle. The results show that; de-gree of openness, country size and current account to GDP ratios have the greatestinfluence on the investment-saving relationship.

Keywords: capital mobility; Feldstein Horioka puzzle; Panel Smooth Threshold Regression models; saving-investment association; capital mobility . (search for similar items in EconPapers)
Date: 2007-08-03
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00156688v2
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https://halshs.archives-ouvertes.fr/halshs-00156688v2/document (application/pdf)

Related works:
Journal Article: The Feldstein-Horioka puzzle: A panel smooth transition regression approach (2008) Downloads
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2008)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2008)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2008)
Working Paper: The Feldstein-Horiaka Puzzle: a Panel Smooth Transition Regression Approach (2007)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2007)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2006)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2006)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2006)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2006)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2006)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2006)
Working Paper: The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach (2006) Downloads
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