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dc.contributor.authorÖzdemir, Onur
dc.date.accessioned2023-10-03T06:14:52Z
dc.date.available2023-10-03T06:14:52Z
dc.date.issued2022en_US
dc.identifier.issn1582-6163
dc.identifier.issn2537-6071
dc.identifier.urihttps://hdl.handle.net/11363/5723
dc.description.abstractThis paper reexamines the magnitude of international capital mobility under the FeldsteinHorioka puzzle in the context of 29 high-income countries over the 1980-2019 period. The puzzle is also revisited by employing the Dynamic Common-Correlated Effects method to incorporate the issues of cross-sectional dependence and heterogeneity. Moreover, the study investigates the role of macroeconomic and social factors, such as labor share of income, welfare-relevant technological progress, financial development, government expenditure, and political globalization, to go further beyond the traditional findings in the existing literature. The empirical results are based on three main headings. First, the findings confirm the existence of the Feldstein-Horioka puzzle. In other words, there is a lack of international capital mobility among high-income countries. Second, by using the interaction terms for financial development, government expenditure, and political globalization with the savings ratio, the immobile characteristics of international capital can be reduced by further implications of a higher rate of government expenditure. Finally, the results show that having more unequal distribution of income among capital and labor intensifies the domestic investment-saving nexus for an aggregate economy since the financial assets become more shrinking away from flowing out of the host country.en_US
dc.language.isoengen_US
dc.publisherINST ECONOMIC FORECASTING, CASA ACADEMIEI, CALEA 13 SEPTEMBRIE NR 13, SECTOR 5, BUCHAREST 050711, ROMANIAen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/us/*
dc.subjectFeldstein-Horioka puzzleen_US
dc.subjectinternational capital mobilityen_US
dc.subjectfinancial integrationen_US
dc.subjectpanel cointegrationen_US
dc.subjectdynamic common correlated effectsen_US
dc.titleHigh-Income Countries and the Feldstein-Horioka Puzzle: Econometric Evidence from Dynamic Common-Correlated Effects Modelen_US
dc.typearticleen_US
dc.relation.ispartofRomanian Journal of Economic Forecastingen_US
dc.departmentİktisadi İdari ve Sosyal Bilimler Fakültesien_US
dc.identifier.volume25en_US
dc.identifier.issue1en_US
dc.identifier.startpage45en_US
dc.identifier.endpage67en_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.institutionauthorÖzdemir, Onur


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