Revisiting the Feldstein-Horioka puzzle: an institutional sector view

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Working on a sample of OECD countries spanning the period 1970-2003, this paper contributes to the Feldstein-Horioka literature by making three main innovations: (1) It estimates, for the first time, regressions at the institutional sector level (households, corporations, and government); (2) It exp...

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Detalles Bibliográficos
Autores principales:	Bebczuk, Ricardo Néstor, Schmidt Hebbel, Klaus
Formato:	Articulo
Lenguaje:	Inglés
Publicado:	2010
Materias:	Ciencias Económicas JEL: F16, F32 Felstein-Horioka Puzzle, saving, investment, institutional sectors
Acceso en línea:	http://sedici.unlp.edu.ar/handle/10915/9365
Aporte de:	SEDICI (UNLP) de Universidad Nacional de La Plata

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record_format	dspace
institution	Universidad Nacional de La Plata
institution_str	I-19
repository_str	R-120
collection	SEDICI (UNLP)
language	Inglés
topic	Ciencias Económicas JEL: F16, F32 Felstein-Horioka Puzzle, saving, investment, institutional sectors
spellingShingle	Ciencias Económicas JEL: F16, F32 Felstein-Horioka Puzzle, saving, investment, institutional sectors Bebczuk, Ricardo Néstor Schmidt Hebbel, Klaus Revisiting the Feldstein-Horioka puzzle: an institutional sector view
topic_facet	Ciencias Económicas JEL: F16, F32 Felstein-Horioka Puzzle, saving, investment, institutional sectors
description	Working on a sample of OECD countries spanning the period 1970-2003, this paper contributes to the Feldstein-Horioka literature by making three main innovations: (1) It estimates, for the first time, regressions at the institutional sector level (households, corporations, and government); (2) It explores the asymmetry between current account deficits and surpluses; and (3) It uses advanced panel data techniques to deal with endogeneity and to distinguish long- and short-run effects. The conclusions of the paper are that: (i) The national Feldstein-Horioka coefficient is in the vicinity of 0.5, but sectoral coefficients are much lower, a puzzling result possibly explained by endogenous intersectoral saving and investment links; (iii) The FH coefficients are higher in deficit than in surplus years; and (iv) The long-run relationship is in all cases below 1, which raises the question as to whether the intertemporal budget constraint should be interpreted.
format	Articulo Articulo
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	2010
url	http://sedici.unlp.edu.ar/handle/10915/9365
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bdutipo_str	Repositorios
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Revisiting the Feldstein-Horioka puzzle: an institutional sector view

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