Correlação feldstein-horioka : Indicador de mobilidade de capitais ou de solvência?
By: ROCHA, Fabiana
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ArticlePublisher: São Paulo : Editora 34, jan./mar. 2003Revista de Economia Política = Brazilian Journal of Political Economy 23, 1, p. 3-11Abstract: 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
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
Revista de Economia Política
Janeiro-Março 2003
v. 23, n. 1(89)
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