European integration and the Feldstein-Horioka puzzle:
We estimate the Feldstein-Horioka equation for the period 1960 - 2012 and find structural breaks that coincide with the introduction of the European single market in 1993, the introduction of the euro in 1999 and the financial crisis in 2008. The results suggest that the correlation between investme...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
München
CESifo
2015
|
| Schriftenreihe: | CESifo working paper
5180 : Category 6, Fiscal policy, macroeconomics and growth |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | We estimate the Feldstein-Horioka equation for the period 1960 - 2012 and find structural breaks that coincide with the introduction of the European single market in 1993, the introduction of the euro in 1999 and the financial crisis in 2008. The results suggest that the correlation between investment and savings depends on institutions, exchange rate risk and credit risk. Furthermore, we find that the pattern of capital flows within the euro zone reflect differences in output per capita, the rate of growth of output per capita and budget balances. |
| Beschreibung: | 1 Online-Ressource graph. Darst. |
| Format: | . - Acrobat Reader |
Internformat
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| 520 | 8 | |a We estimate the Feldstein-Horioka equation for the period 1960 - 2012 and find structural breaks that coincide with the introduction of the European single market in 1993, the introduction of the euro in 1999 and the financial crisis in 2008. The results suggest that the correlation between investment and savings depends on institutions, exchange rate risk and credit risk. Furthermore, we find that the pattern of capital flows within the euro zone reflect differences in output per capita, the rate of growth of output per capita and budget balances. | |
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:12:41Z |
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| spelling | Katsimē, Margarita 1966- Verfasser (DE-588)124841295 aut European integration and the Feldstein-Horioka puzzle Margarita Katsimi ; Gylfi Zoega München CESifo 2015 1 Online-Ressource graph. Darst. txt rdacontent c rdamedia cr rdacarrier CESifo working paper 5180 : Category 6, Fiscal policy, macroeconomics and growth We estimate the Feldstein-Horioka equation for the period 1960 - 2012 and find structural breaks that coincide with the introduction of the European single market in 1993, the introduction of the euro in 1999 and the financial crisis in 2008. The results suggest that the correlation between investment and savings depends on institutions, exchange rate risk and credit risk. Furthermore, we find that the pattern of capital flows within the euro zone reflect differences in output per capita, the rate of growth of output per capita and budget balances. . - Acrobat Reader Gylfi Zoega 1963- Verfasser (DE-588)128479159 aut CESifo working paper 5180 : Category 6, Fiscal policy, macroeconomics and growth (DE-604)BV014083264 5180 https://www.cesifo.org/DocDL/cesifo1_wp5180.pdf Verlag kostenfrei Volltext |
| spellingShingle | Katsimē, Margarita 1966- Gylfi Zoega 1963- European integration and the Feldstein-Horioka puzzle CESifo working paper |
| title | European integration and the Feldstein-Horioka puzzle |
| title_auth | European integration and the Feldstein-Horioka puzzle |
| title_exact_search | European integration and the Feldstein-Horioka puzzle |
| title_full | European integration and the Feldstein-Horioka puzzle Margarita Katsimi ; Gylfi Zoega |
| title_fullStr | European integration and the Feldstein-Horioka puzzle Margarita Katsimi ; Gylfi Zoega |
| title_full_unstemmed | European integration and the Feldstein-Horioka puzzle Margarita Katsimi ; Gylfi Zoega |
| title_short | European integration and the Feldstein-Horioka puzzle |
| title_sort | european integration and the feldstein horioka puzzle |
| url | https://www.cesifo.org/DocDL/cesifo1_wp5180.pdf |
| volume_link | (DE-604)BV014083264 |
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