Are saving and investment cointegrated? - An ARDL bounds testing approach

被引：76

作者：

De Vita, G

Abbott, A

机构：

[1] Manchester Metropolitan Univ, Dept Econ, Manchester M15 6BG, Lancs, England

[2] Oxford Brookes Univ, Brookes Business Sch, Oxford OX33 1HX, England

来源：

ECONOMICS LETTERS | 2002年 / 77卷 / 02期

关键词：

capital mobility; cointegration; Feldstein-Horioka puzzle; saving-investment;

D O I：

10.1016/S0165-1765(02)00139-8

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using the newly developed ARDL bounds testing procedure, we find that, as implied by the intertemporal budget constraint, U.S. saving and investment rates cointegrate in all sample periods considered. Our results also show that the saving-investment correlation weakens after 1971, suggesting that the Feldstein-Horioka approach provides an at least partially informative measure of capital mobility. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：293 / 299

页数：7

共 21 条

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[Anonymous], 1974, J. Econom., DOI [DOI 10.1016/0304-4076(74)90034-7, 10.1002/9780470996249.ch27]

[2]

[Anonymous], MANCHESTER SCH S

[3] SAVING, INVESTMENT AND INTERNATIONAL CAPITAL MOBILITY IN EC COUNTRIES [J].