A Functional Coefficient Model View of the Feldstein-Horioka Puzzle

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dc.contributor.author HERWARTZ, Helmut
dc.contributor.author XU, Fang
dc.date.accessioned 2011-04-19T12:48:02Z
dc.date.available 2011-04-19T12:48:02Z
dc.date.issued 2010
dc.identifier.citation Journal of International Money and Finance, 2010, 29, 1, 37-54
dc.identifier.issn 0261-5606
dc.identifier.uri http://hdl.handle.net/1814/16502
dc.description.abstract What does the saving-investment (SI) relation really measure and how should the SI relation be measured? These are two of the most discussed issues triggered by the so-called Feldstein-Horioka puzzle. Based on panel data we introduce a new variant of functional coefficient models that allows to separate long and short to medium run parameter dependence. The new modeling framework is applied to uncover the determinants of the SI relation. Macroeconomic state variables such as openness, the age dependency ratio, government Current and consumption expenditures are found to affect the SI relation significantly in the long run.
dc.language.iso en
dc.publisher Elsevier Sci Ltd
dc.subject Saving-investment relation
dc.subject Feldstein-Horioka puzzle
dc.subject Functional coefficient models
dc.title A Functional Coefficient Model View of the Feldstein-Horioka Puzzle
dc.type Article
dc.identifier.doi 10.1016/j.jimonfin.2008.12.001
dc.neeo.contributor HERWARTZ|H.|aut|
dc.neeo.contributor XU|Fang|aut|
dc.identifier.volume 29
dc.identifier.startpage 37
dc.identifier.endpage 54
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dc.identifier.issue 1

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