Capital mobility in emerging Europe.

• Autores: Caner Taslaman, Fazil Kayikçi
• Localización: Emerging Markets Finance & Trade, ISSN-e 1558-0938, Vol. 49, Nº. 49 (Supplement Nov.), 2013, págs. 250-258
• Idioma: inglés
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• Resumen

  • Panel cointegration methods are used to analyze the saving and investment relationships of the EU member countries; the degree of capital mobility is investigated by pooled mean group estimation. Results demonstrate that although saving and investment move together in the long run, there is also a moderate level of capital mobility in the short run, suggesting that the Feldstein-Horioka puzzle is not valid for these countries in the 1980-2012 period. Results differ in the subsamples of the European Union as the degree of capital mobility is higher in the eurozone countries and early members of the European Union. [ABSTRACT FROM AUTHOR]