Developing Countries and the Feldstein-Horioka Puzzle

The Feldstein and Horioka (1980) finding that changes in domestic investment are very sensitive to changes in domestic savings for OECD countries launched a debate regarding the degree of financial integration and financial openness within the industrialized world. The existing literature supports t...

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Bibliographische Detailangaben
Hauptverfasser: Athanasios Vamvakidis, Romain Wacziarg
Format: Buch
Sprache:eng
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Zusammenfassung:The Feldstein and Horioka (1980) finding that changes in domestic investment are very sensitive to changes in domestic savings for OECD countries launched a debate regarding the degree of financial integration and financial openness within the industrialized world. The existing literature supports the empirical finding that domestic investment and domestic savings are closely correlated across OECD countries, but there is substantial disagreement about the interpretation of this result.