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A panel cointegration approach to the investment-saving correlation

Author

Listed:
  • Tsung-wu Ho

    (Department of Economics, Shih Hsin University, No. 1, Lane 17, Section 1, Mu-Cha Road, Taipei, 11602, Taiwan, R.O.C.)

Abstract

This paper augments the empirical literature concerning the Feldstein-Horioka puzzle using non-stationary panel data. Recently developed tests for panel cointegration and panel unit root tests are employed. We find substantial evidence to support the hypothesis of no cointegration in this panel, implying a high degree of international capital mobility. Our results suggest that tests for cointegration in panel data provides a better methodological focus than the magnitude of saving-retention coefficients.

Suggested Citation

  • Tsung-wu Ho, 2002. "A panel cointegration approach to the investment-saving correlation," Empirical Economics, Springer, vol. 27(1), pages 91-100.
    • Handle: RePEc:spr:empeco:v:27:y:2002:i:1:p:91-100
    Note: received: August 1999/Final version accepted: December 2000
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    More about this item

    Keywords

    Panel cointegration · Saving-retention coefficient · International capital mobility;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F30 - International Economics - - International Finance - - - General

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