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50 years of capital mobility in the eurozone: breaking the Feldstein-Horioka puzzle
dc.contributor.author | Camarero, Mariam | |
dc.contributor.author | Muñoz, Alejandro | |
dc.contributor.author | Tamarit, Cecilio | |
dc.date.accessioned | 2022-02-08T12:25:52Z | |
dc.date.available | 2022-02-08T12:25:52Z | |
dc.date.issued | 2021-12-22 | |
dc.identifier.citation | Camarero, M., Muñoz, A. & Tamarit, C. 50 Years of Capital Mobility in the Eurozone: Breaking the Feldstein-Horioka Puzzle. Open Econ Rev (2021) | ca_CA |
dc.identifier.issn | 0923-7992 | |
dc.identifier.issn | 1573-708X | |
dc.identifier.uri | http://hdl.handle.net/10234/196677 | |
dc.description.abstract | This paper assesses capital mobility for the Eurozone countries by studying the long-run relationship between domestic investment and savings for the period 1970-2019. Our main goal is to analyze the impact of economic events on capital mobility during this period. We apply the cointegration methodology in a setting that allows us to identify endogenous breaks in the long-run saving-investment relationship. Precisely, the breaks coincide with relevant economic events. We find a downward trend in the saving-investment retention since the 70s for the so-called “core countries”, whereas this trend is not so evident in the peripheral, where the financial and sovereign crises have had a more substantial impact. In addition, our analysis captures other economic events: the Exchange Rate Mechanism (ERM) crisis, the German reunification, the European financial assistance program, and the post-crisis period. Our results also indicate that the original euro design had some flaws that remain unsolved. | ca_CA |
dc.format.extent | 39 p. | ca_CA |
dc.format.mimetype | application/pdf | ca_CA |
dc.language.iso | eng | ca_CA |
dc.publisher | Springer Nature | ca_CA |
dc.relation.isPartOf | Open Economies Review (2021) | ca_CA |
dc.rights.uri | http://creativecommons.org/licenses/by-sa/4.0/ | ca_CA |
dc.subject | capital mobility | ca_CA |
dc.subject | Feldstein-horioka puzzle | ca_CA |
dc.subject | cointegration | ca_CA |
dc.subject | multiple structural breaks | ca_CA |
dc.subject | unit roots | ca_CA |
dc.title | 50 years of capital mobility in the eurozone: breaking the Feldstein-Horioka puzzle | ca_CA |
dc.type | info:eu-repo/semantics/article | ca_CA |
dc.subject.jel | F36 | ca_CA |
dc.subject.jel | F45 | ca_CA |
dc.subject.jel | O16 | ca_CA |
dc.identifier.doi | https://doi.org/10.1007/s11079-021-09655-1 | |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | ca_CA |
dc.type.version | info:eu-repo/semantics/publishedVersion | ca_CA |
project.funder.name | Spanish Ministry of Science, Innovation and Universities-AEI-FEDER | ca_CA |
project.funder.name | Generalitat Valenciana | ca_CA |
project.funder.name | European Commission | ca_CA |
oaire.awardNumber | PID2020-114646RB-C42 / AEI 10.13039 / 501100011033 | ca_CA |
oaire.awardNumber | PROMETEO 2018/102 | ca_CA |
oaire.awardNumber | 611032-EPP-1-2019-1-ES-EPPJMO-CoE | ca_CA |
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