The Feldstein–Horioka hypothesis versus the long-run solvency constraint model: A critical assessment
2007; Elsevier BV; Volume: 98; Issue: 1 Linguagem: Inglês
10.1016/j.econlet.2007.04.007
ISSN1873-7374
AutoresKevin S. Nell, Luís Delfim Santos,
Tópico(s)Economic Policies and Impacts
ResumoThis paper proposes an extended version of the long-run solvency constraint model developed by Coakley et al. [Coakley, J., Kulasi, F., Smith, R., 1996. Current Account Solvency and the Feldstein–Horioka Puzzle, Economic Journal 106, 620–627.] that provides a theoretical, and empirically testable, distinction from the Feldstein–Horioka hypothesis. The empirical application shows that the Feldstein–Horioka approach presents a useful, but incomplete, measure of capital mobility in 6 OECD countries.
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