A Heterogeneous Dynamic Panel Approach to The Feldstein-Horioka Puzzle: Evidence from The European Union Countries
DOI:
https://doi.org/10.5281/zenodo.10474204Abstract
This study investigates whether the Feldstein and Horioka puzzle concerning domestic saving-investment relationship is supported by the data of the European Union (EU) countries using Cross-Sectional Augmented Error Correction Model (CS-ECM), Cross-Sectional ARDL (CS-ARDL) and Cross-Sectional Augmented Distributed Lag Model (CS-DL), the recent heterogeneous dynamic panel approaches which are robust to cross-sectional dependence and slope heterogeneity. The findings of the study imply high capital mobility for the EU countries over 1995-2021, and thus reject the existence of the Feldstein-Horioka puzzle.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 International Journal of Contemporary Economics and Administrative Sciences
This work is licensed under a Creative Commons Attribution 4.0 International License.
The Author(s) must make formal transfer of copyright for each article prior to publication in the International Journal of Contemporary Economics and Administrative Sciences. Such transfer enables the Journal to defend itself against plagiarism and other forms of copyright infringement. Your cooperation is appreciated. You agree that copyright of your article to be published in the International Journal of Contemporary Economics and Administrative Sciences is hereby transferred, throughout the World and for the full term and all extensions and renewals thereof, to International Journal of Contemporary Economics and Administrative Sciences.
The Author(s) reserve(s): (a) the trademark rights and patent rights, if any, and (b) the right to use all or part of the information contained in this article in future, non-commercial works of the Author's own, or, if the article is a "work-for-hire" and made within the scope of the Author's employment, the employer may use all or part of the information contained in this article for intra-company use, provided the usual acknowledgements are given regarding copyright notice and reference to the original publication.
The Author(s) warrant(s) that the article is Author's original work, and has not been published before. If excerpts from copyrighted works are included, the Author will obtain written permission from the copyright owners and shall credit the sources in the article. The author also warrants that the article contains no libelous or unlawful statements, and does not infringe on the rights of others. If the article was prepared jointly with other Author(s), the Author agrees to inform the co-Author(s) of the terms of the copyright transfer and to sign on their behalf; or in the case of a "work-for-hire" the employer or an authorized representative of the employer.
The journal is registered with the ISSN : 1925-4423.
IJCEAS is licensed under a Creative Commons Attribution 4.0 International License.
This license lets others distribute, remix, tweak, and build upon your work, even commercially, as long as they credit you for the original creation. This is the most accommodating of licenses offered. Recommended for maximum dissemination and use of licensed materials.
