ROCHA, Fabiana
Correlação feldstein-horioka : Indicador de mobilidade de capitais ou de solvência? - São Paulo : Editora 34, jan./mar. 2003
The purpose of this paper is to use the intertemporal open macro models, and the solvency econometric tests derived from them, to analyze the original Feldstein and Horioka saving-investment correlation. The solvency constraint implies that saving and investment are cointegrated with a coefficient of one and, therefore, that the current account is stationary. Since the Feldstein-Horioka cross-section regression measures the average long-run coefficient, it is possible then to argue that it is capturing the unit coefficient implied by the solvency constraint and not some measure of capital mobility
Correlação feldstein-horioka : Indicador de mobilidade de capitais ou de solvência? - São Paulo : Editora 34, jan./mar. 2003
The purpose of this paper is to use the intertemporal open macro models, and the solvency econometric tests derived from them, to analyze the original Feldstein and Horioka saving-investment correlation. The solvency constraint implies that saving and investment are cointegrated with a coefficient of one and, therefore, that the current account is stationary. Since the Feldstein-Horioka cross-section regression measures the average long-run coefficient, it is possible then to argue that it is capturing the unit coefficient implied by the solvency constraint and not some measure of capital mobility
