Investment and Savings Cycles and Tests for Capital Market Integration

Arusha Cooray and Bruce Felmingham

MPRA Paper from University Library of Munich, Germany

Abstract: A spectral analysis of the Australian time series for the investment and savings ratio on monthly data over the period finds that the investment ratio is subject to a cycle of 6 months duration while the savings ratio series is concentrated on a longer swing of 4 to 6 years. The implications for the Feldstein-Horioka test of capital mobility are explained.

Keywords: investment; savings; spectral analysis; Australia (search for similar items in EconPapers)
JEL-codes: E32 F41 (search for similar items in EconPapers)
Date: 2005
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