Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View

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Working on a unbalanced sample of OECD countries spanning the period 1970-2003, this paper contributes to the empirical literature on the Feldstein-Horioka puzzle by making three main innovations: First, it goes beyond the traditional national-level investment-saving equations to estimate, for the f...

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Autores principales: Bebczuk, Ricardo Néstor, Schmidt-Hebbel, Klaus
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 2007
Materias:
Ciencias Económicas
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/169230
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SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-169230
record_format dspace
spelling I19-R120-10915-1692302024-08-29T04:07:50Z http://sedici.unlp.edu.ar/handle/10915/169230 Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View Bebczuk, Ricardo Néstor Schmidt-Hebbel, Klaus 2007-11 2007 2024-08-28T18:52:02Z en Ciencias Económicas Working on a unbalanced sample of OECD countries spanning the period 1970-2003, this paper contributes to the empirical literature on the Feldstein-Horioka puzzle by making three main innovations: First, it goes beyond the traditional national-level investment-saving equations to estimate, for the first time, regressions at the institutional sector level (households, corporations, and government). Second, it explores the implications of giving separate consideration to current account deficits and surpluses. Lastly, it uses advanced panel data techniques to deal with endogeneity and to distinguish long- and short-run effects. New and provocative results emerge from the analysis. Empleando una muestra no balanceada de países de la OCDE para el período 1970-2003, nuestro trabajo contribuye a la literatura empírica sobre la paradoja de Feldstein-Horioka a través de tres innovaciones principales: primero, estimamos, por primera vez, regresiones entre inversión y ahorro a nivel de los sectores institucionales (familias, empresas y gobierno), además de los usuales ejercicios con datos nacionales; segundo, analizamos en detalle las implicancias de diferenciar los períodos de déficit y de superávit de cuenta corriente; por último, utilizamos técnicas modernas de datos de panel para atender el problema de endogeneidad y para distinguir efectos de corto y largo plazo. Resultados novedosos y provocativos emergen del análisis. Facultad de Ciencias Económicas Objeto de conferencia Objeto de conferencia http://creativecommons.org/licenses/by-nc-sa/4.0/ Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) application/pdf
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
spellingShingle Ciencias Económicas
Bebczuk, Ricardo Néstor
Schmidt-Hebbel, Klaus
Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View
topic_facet Ciencias Económicas
description Working on a unbalanced sample of OECD countries spanning the period 1970-2003, this paper contributes to the empirical literature on the Feldstein-Horioka puzzle by making three main innovations: First, it goes beyond the traditional national-level investment-saving equations to estimate, for the first time, regressions at the institutional sector level (households, corporations, and government). Second, it explores the implications of giving separate consideration to current account deficits and surpluses. Lastly, it uses advanced panel data techniques to deal with endogeneity and to distinguish long- and short-run effects. New and provocative results emerge from the analysis.
format Objeto de conferencia
Objeto de conferencia
author Bebczuk, Ricardo Néstor
Schmidt-Hebbel, Klaus
author_facet Bebczuk, Ricardo Néstor
Schmidt-Hebbel, Klaus
author_sort Bebczuk, Ricardo Néstor
title Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View
title_short Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View
title_full Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View
title_fullStr Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View
title_full_unstemmed Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View
title_sort revisiting the feldstein-horioka puzzle: an institutional sector view
publishDate 2007
url http://sedici.unlp.edu.ar/handle/10915/169230
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AT schmidthebbelklaus revisitingthefeldsteinhoriokapuzzleaninstitutionalsectorview
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