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dc.contributor.authorHERWARTZ, Helmut
dc.contributor.authorXU, Fang
dc.date.accessioned2011-04-19T12:48:02Z
dc.date.available2011-04-19T12:48:02Z
dc.date.issued2010
dc.identifier.citationJournal of International Money and Finance, 2010, 29, 1, 37-54
dc.identifier.issn0261-5606
dc.identifier.urihttp://hdl.handle.net/1814/16502
dc.description.abstractWhat 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.isoen
dc.publisherElsevier Sci Ltd
dc.subjectSaving-investment relation
dc.subjectFeldstein-Horioka puzzle
dc.subjectFunctional coefficient models
dc.titleA Functional Coefficient Model View of the Feldstein-Horioka Puzzle
dc.typeArticle
dc.identifier.doi10.1016/j.jimonfin.2008.12.001
dc.neeo.contributorHERWARTZ|H.|aut|
dc.neeo.contributorXU|Fang|aut|
dc.identifier.volume29
dc.identifier.startpage37
dc.identifier.endpage54
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dc.identifier.issue1


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