The Feldstein-Horioka puzzle revisited

Tsung Wu Ho*

*此作品的通信作者

研究成果: 雜誌貢獻評論/辯論同行評審

59 引文 斯高帕斯(Scopus)

摘要

Krol (1996) argues that the Feldstein-Horioka puzzle is the result of the estimation technique that using fixed-effect panel regression, low saving -retention coefficients are found. However, Krol's study has been criticized as revolving around the inclusion of Luxembourg. This paper reexamines the Luxembourg problem by applying Kao and Chiang's (2001) DOLS and FMOLS estimators to non-stationary panel data of 20 OECD countries. Our empirical evidences show that the inclusion or exclusion of Luxembourg does not affect the estimation results; instead, the power of the estimation technique and of the hypothesis test matters. This result is interpreted as the higher power of cointegration analysis in panel data.

原文英語
頁(從 - 到)555-564
頁數10
期刊Journal of International Money and Finance
21
發行號4
DOIs
出版狀態已發佈 - 2002
對外發佈

ASJC Scopus subject areas

  • 金融
  • 經濟學與計量經濟學

指紋

深入研究「The Feldstein-Horioka puzzle revisited」主題。共同形成了獨特的指紋。

引用此