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Exchange rate regimes and the Feldstein-Horioka puzzle: the French evidence
Date
2003-01-20
Author
Ozmen, E
Parmaksiz, K
Metadata
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This paper investigates whether the Feldstein and Horioka (Economic Journal, 90, 314-29, 1980) argument on domestic saving-investment relationship is supported by the French data when an endogenous structural break corresponding to a major policy regime change is taken into account. The evidence suggests that the saving-investment cointegration disappears after the estimated endogenous structural break point in 1973 coinciding with the end of the Bretton Woods system of fixed exchange rates. Consistent with a current account targeting policy, an investment-driven saving process appears to be the case for the fixed exchange rate regime period.
Subject Keywords
Saving-investment correlations
,
İnternational capital flows
,
Time-series
,
Unit-root
,
Tell us
,
Cointegration
,
İntegration
,
Statistics
,
Variables
,
Mobility
URI
https://hdl.handle.net/11511/64946
Journal
APPLIED ECONOMICS
DOI
https://doi.org/10.1080/0003684021000025397
Collections
Department of Economics, Article
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E. Ozmen and K. Parmaksiz, “Exchange rate regimes and the Feldstein-Horioka puzzle: the French evidence,”
APPLIED ECONOMICS
, pp. 217–222, 2003, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/64946.