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Feldstein-Horioka Bulmacasının OECD Ülkeleri İçin Panel Veri Analiziyle Sınanması

Year 2018, Volume: 25 Issue: 2, 369 - 390, 14.08.2018

İsmail Çifçi Rabia İnci Özbek Ergin Uzgören

https://doi.org/10.18657/yonveek.340138
Cited By: 8

Abstract











Feldstein-Horioka bulmacası, dünyada
artan sermaye hareketliliğine karşın yurtiçi tasarruflarla yurtiçi yatırımlar
arasındaki güçlü ilişkiyi ifade etmektedir. Bu çalışma 28 OECD ülkesi için
1980-2015 yıllık verilerini kullanarak Feldstein-Horioka bulmacasının
geçerliliğini test etmeyi amaçlamaktadır. Bu amaç doğrultusunda yurtiçi
tasarruflarla yurtiçi yatırımlar arasındaki ilişki üç aşamalı bir yöntemle
araştırılmıştır. Elde edilen bulguları şu şekilde sıralamak mümkündür: a)
Değişkenlerin kesitler arasında birbirine bağımlı olduğu üç farklı yatay kesit
bağımlılığı testiyle tespit edilmiştir; b) CADF, CIPS ve Panik Atak birim kök
testleri değişkenlerin düzey değerlerde birim köklü, birinci fark değerlerde
durağan olduklarını göstermektedir; c) Değişkenler arasındaki uzun dönemli
ilişkiler Durbin-Hausman
koentegrasyon testi ve LM Bootstrap koentegrasyon testiyle araştırılmış ve
koentegrasyonun varlığı güçlü bir şekilde reddedilmiştir. Bu tespit 1980-2015
dönemi için 28 OECD ülkesinde Feldstein-Horioka
bulmacasının geçerli olmadığını, bu ülkelerde yurtiçi yatırımların uluslararası
sermaye piyasaları tarafından finanse edildiğini göstermektedir.

Keywords

Feldstein-Horioka Bulmacası Yatırımlar Tasarruflar

References

  • Abbott, A. J., & De Vita, G. (2003). Another Piece in the Feldstein-Horioka Puzzle. Scottish Journal of Political Economy. 50.1. 69-89.
  • Alexakis, P. & Apergis, N. (1994). The Feldstein-Horioka puzzle and exchange rate regimes: Evidence from cointegration tests. Journal of Policy Modeling. 16.5. 459-472.
  • Apergis, N. & Tsoumas, C. (2009). A Survey of the Feldstein–Horioka Puzzle: What Has Been Done And Where We Stand. Research in Economics. 63.2. 64-76.
  • Arısoy, İ. (2013). Türkiye’de Yatırım, Tasarruf ve Sermaye Akışkanlığının Analizi. Çukurova Üniversitesi İktisadi ve İdari Bilimler Dergisi. 14.1. 69-80.
  • Asteriou, D. & Hall, S. (2007). Applied Econometrics: a Modern Approach, Using Eviews and Microfit. Revisited Edition. Newyork: Palgrave Macmillan.
  • Bai, J. & Kao, C. (2006). On the Estimation and Inference af a Panel Cointegration Method with Cross-Sectional Dependence. In: Baltagi, B.H. (Ed.), Panel Data Econometrics: Theoretical Contributions and Empirical Applications. Elsevier Science, Amsterdam, pp. 3–30.
  • Bai, J. & Ng, S. (2004), A PANIC Attack on Unit Roots and Cointegration." Econometrica 72.4. 1127-1177.
  • Ballabriga, F. C., Dolado, J. J& Viñals, J. (1991). Investigating Private and Public Savings-Investment Gaps in EC Countries. CEPR Discussion Papers, No. 607.
  • Baltagı, B. H. (2014). Econometric Analysis of Panel Data. Fifth Edition, Chichester: John Wiley& Sons Ltd.
  • Bayoumi, T. (1990). Saving-Investment Correlations: Immobile Capital, Government Policy, or Endogenous Behavior?. Staff Papers-International Monetary Fund. 360-387.
  • Blanchard, O. & Giavazzi F. (2002). Current Account Deficits in the Euro Area: The end of the Feldstein-Horioka Puzzle?. Brookings Papers on Economic Activity 2002.2. 147-209.
  • Bodman, P. M. (1995). National Savings and Domestic Investment in the Long Term: Some Time Series Evidence from the OECD." International Economic Journal 9.2. 37-60.
  • Bolatoğlu, N. (2005). Türkiye'de Yurtiçi Yatırım ve Yurtiçi Tasarruf Oranları Arasındaki İlişki. Ekonomik Yaklasim. 16.56. 19-32.
  • Breıtung J. (2001). The Local Power Of Some Unit Root Tests For Panel Data. Advances in Econometrics. 15. 161-177.
  • Breitung, J. (2000). The Local Power of Some Unit Root Tests for Panel Data. Advances in Econometrics. Vol. 15. Nonstationary Panels, Panel Cointegration, and Dynamic Panels, JAI.
  • Breusch, T. S. & Pagan, A. R. (1980). The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies. 47.1. 239-253.
  • Chang, Y. & Smith, R. T. (2014). Feldstein–Horioka puzzles. European Economic Review 72. 98-112.
  • Chen, S. W. & Shen C. H. (2015). Revisiting the Feldstein–Horioka Puzzle with Regime Switching: New Evidence from European Countries. Economic Modelling 49. 260-269.
  • Coakley, J. & Kulasi, F. (1997). Cointegration of Long Span Saving and İnvestment. Economics Letters. 54.1. 1-6.
  • Coakley, J., Kulasi, F. & Smith, R. (1996). Current Account Solvency and the Feldstein--Horioka Puzzle. The Economic Journal. 620-627.
  • Coakley, J., Kulasi F. & Smith, R. (1998). The Feldstein-Horioka Puzzle and Capital Mobility: a Review. International Journal of Finance & Economics. 3.2. 169-188. Di Iorio, F., & Fachin, S. (2007). Testing for Breaks in Cointegrated Panels-With an Application to the Feldstein-Horioka Puzzle. Economics: The Open-Access, Open-Assessment E-Journal 1.
  • Ekrem, E., Nazlioglu, S. & Erdem, C. (2010). Exchange Rate Uncertainty and Agricultural Trade: Panel Cointegration Analysis for Turkey. Agricultural Economics. 41.6. 537-543.
  • Esen, E., Yıldırım, S. & Kostakoğlu S. F. (2012). Feldstein-Horioka Hipotezinin Türkiye Ekonomisi İçin Sınanması: ARDL Modeli Uygulaması. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi. 7.1. 252-261.
  • Feldstein, M. & Horioka, C. (1980). Domestic Saving and International Capital Flows. Economic Journal. 90. 314-329.
  • Feldstein, M. (1983). Domestic Saving and International Capital Movements in the Long Run and the Short Run. European Economic Review. 21. 331-353.
  • Feldstein, M. & Bacchetta, P. (1991). National Saving and International Investment. National Saving and Economic Performance. University of Chicago press. 201-226. http://www.nber.org/books/bern91-2
  • Fouquau, J., Hurlin, C. & Rabaud, I. (2008). The Feldstein-Horioka Puzzle: A Panel Smooth Transition Regression Approach. Economic Modelling. 25.2. 284-299.
  • Georgopoulos, G. & Hejazi, W. (2009). The Feldstein-Horioka Puzzle Revisited: Is the Home-Bias Much Less?. International Review of Economics & Finance. 18.2. 341-350.
  • Göçer, İ., Alataş, S. & Peker, O. (2014). Yatırım-Tasarruf İlişkisi: OECD Ülkeleri İçin Yeni Nesil Panel Eşbütünleşme Analizi. Dumlupinar Üniversitesi Soysyal Bilimler Dergisi, EYİ Özel Sayı. 59-78.
  • Guzel, A. & Ozdemir, Z. A. (2011). The Feldstein–Horioka Puzzle in the Presence of Structural Shifts: The Case of Japan Versus The USA." Research in International Business and Finance. 25.2. 195-202.
  • Harberger, A. C. (1980). Vignettes on the World Capital Market. The American Economic Review 70.2. 331-337.
  • Ho, T. W. (2002). The Feldstein-Horioka Puzzle Revisited. Journal of International Money and Finance. 21.4. 555-564.
  • Hussein, K. A. (1998). International Capital Mobility in OECD Countries: The Feldstein-Horioka Puzzle Revisited. Economics Letters. 59.2. 237-242.
  • Im, K. S., Pesaran, M. H. & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics. 115.1. 53-74.
  • Jansen, W. J. & Schulze, G. G. (1996). Theory‐Based Measurement of the Saving‐Investment Correlation with an Application to Norway. Economic Inquiry. 34.1. 116-132.
  • Jansen, W. J. (1996). Estimating Saving-Investment Correlations: Evidence for OECD Countries Based on an Error Correction Model. Journal of International Money and Finance. 15.5. 749-781.
  • Jansen, W. J. (1997). Can the Intertemporal Budget Constraint Explain the Feldstein-Horioka Puzzle?. Economics Letters. 56.1. 77-83.
  • Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90.1. 1-44.
  • Koçbulut, Ö. & Altıntaş, H. (2016). İkiz Açıklar ve Feldstein-Horioka Hipotezi: OECD Ülkeleri Üzerine Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Panel Eşbütünleşme Analizi. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 48. 145-174.
  • Levin, A., Lin, C. F. & Chu, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics. 108.1. 1-24.
  • Ma, W. & Li, H. (2016). Time-Varying Saving-Investment Relationship and the Feldstein-Horioka Puzzle. Economic Modelling. 53. 166-178.
  • Maddala, G. S. & Wu, S. (1999) A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics. 61. 631-652.
  • Mark, N. C., Ogaki, M. & Sul, D. (2005). Dynamic Seemingly Unrelated Cointegrating Regressions. The Review of Economic Studies. 72.3. 797-820.
  • Mercan, M. (2014). Feldstein-Horioka Hipotezinin AB-15 ve Türkiye Ekonomisi için Sınanması: Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Dinamik Panel Veri Analizi. Ege Academic Review. 14.2. 231-245.
  • Murphy, R. G. (1984). Capital Mobility and the Relationship Between Saving and Investment Rates in OECD Countries. Journal of International Money and Finance. 3.3. 327-342.
  • Narayan, P. K. (2005a). The Relationship Between Saving and Investment for Japan. Japan and the World Economy. 17.3. 293-309.
  • Narayan, P. K. (2005b). The Saving and Investment Nexus for China: Evidence from Cointegration Tests. Applied Economics. 37.17. 1979-1990.
  • Narayan, P. K. & Narayan, S. (2010). Testing for Capital Mobility: New Evidence from a Panel of G7 Countries. Research in International Business and Finance. 24.1. 15-23.
  • Obstfeld, M. & Rogoff, K. (2000). The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?. NBER Macroeconomics Annual 15. MIT press. 339-412.
  • Obstfeld, M. (1986). Capital Mobility in the World Economy: Theory and Measurement. Carnegie-Rochester Conference Series on Public Policy, 24. 55-103.
  • Onur, S. (2012). Finansal Liberalizasyon ve GSMH Büyümesi Arasındaki İlişki. Uluslararası Yönetim İktisat ve İşletme Dergisi. 1.1. 127-152.
  • Özmen, E. & Parmaksiz, K. (2003). Exchange Rate Regimes and the Feldstein-Horioka Puzzle: The French Evidence. Applied Economics. 35:2. 217-222.
  • Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory. 20.03. 597-625.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. CESifo Working Paper Series No. 1229; IZA Discussion Paper No. 1240. 1-39.
  • Pesaran, M. H. (2007). A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence. Journal of Applied Econometrics. 22.2. 265-312.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A Bias‐Adjusted LM Test of Error Cross‐Section Independence. The Econometrics Journal. 11.1. 105-127.
  • Rao, B. B., Tamazian, A. & Kumar, S. (2010). Systems GMM Estimates of the Feldstein-Horioka Puzzle for the OECD Countries and Tests for Structural Breaks. Economic Modelling. 27.5. 1269-1273.
  • Sarno, L. & Taylor, M. P. (1998). Exchange Controls, International Capital Flows and Saving-Investment Correlations in The UK: An Empirical Investigation. Review of World Economics. 134.1. 69-98.
  • Schmidt, M. B. (2003). Savings and Investment in Australia.  Applied Economics. 35.1. 99-106.
  • Seyidoğlu, H. (2009). Uluslararası İktisat, İstanbul:17. Baskı Güzem Can Yayınları.
  • Shibata, A. & Shintani, M. (1998). Capital Mobility in the World Economy: An Alternative Test. Journal of International Money and Finance. 17.5. 741-756.
  • Swamy, P. A. V. B. (1970). Efficient Inference in a Random Coefficient Regression Model. Econometrica: Journal of the Econometric Society. 311-323.
  • Tesar, L. L. (1991). Savings, Investment and International Capital Flows." Journal of International Economics. 31.1. 55-78.
  • Tunçsiper, B. & Biçen, Ö. F. (2016). Feldstein-Horioka Hipotezinin Görünürde İlişkisiz Regresyon Yöntemiyle Analizi: Gelişen Ekonomiler (E7) Üzerine Bir İnceleme. Sosyal Ekonomik Araştırmalar Dergisi. 31. 348-362.
  • Westerlund, J. & Edgerton, D. L. (2007). A Panel Bootstrap Cointegration Test." Economics Letters. 97.3. 185-190.
  • Westerlund, J. (2008). Panel Cointegration Tests of the Fisher Effect. Journal of Applied Econometrics. 23.2. 193-233.

Year 2018, Volume: 25 Issue: 2, 369 - 390, 14.08.2018

İsmail Çifçi Rabia İnci Özbek Ergin Uzgören

https://doi.org/10.18657/yonveek.340138
Cited By: 8

Abstract

References

  • Abbott, A. J., & De Vita, G. (2003). Another Piece in the Feldstein-Horioka Puzzle. Scottish Journal of Political Economy. 50.1. 69-89.
  • Alexakis, P. & Apergis, N. (1994). The Feldstein-Horioka puzzle and exchange rate regimes: Evidence from cointegration tests. Journal of Policy Modeling. 16.5. 459-472.
  • Apergis, N. & Tsoumas, C. (2009). A Survey of the Feldstein–Horioka Puzzle: What Has Been Done And Where We Stand. Research in Economics. 63.2. 64-76.
  • Arısoy, İ. (2013). Türkiye’de Yatırım, Tasarruf ve Sermaye Akışkanlığının Analizi. Çukurova Üniversitesi İktisadi ve İdari Bilimler Dergisi. 14.1. 69-80.
  • Asteriou, D. & Hall, S. (2007). Applied Econometrics: a Modern Approach, Using Eviews and Microfit. Revisited Edition. Newyork: Palgrave Macmillan.
  • Bai, J. & Kao, C. (2006). On the Estimation and Inference af a Panel Cointegration Method with Cross-Sectional Dependence. In: Baltagi, B.H. (Ed.), Panel Data Econometrics: Theoretical Contributions and Empirical Applications. Elsevier Science, Amsterdam, pp. 3–30.
  • Bai, J. & Ng, S. (2004), A PANIC Attack on Unit Roots and Cointegration." Econometrica 72.4. 1127-1177.
  • Ballabriga, F. C., Dolado, J. J& Viñals, J. (1991). Investigating Private and Public Savings-Investment Gaps in EC Countries. CEPR Discussion Papers, No. 607.
  • Baltagı, B. H. (2014). Econometric Analysis of Panel Data. Fifth Edition, Chichester: John Wiley& Sons Ltd.
  • Bayoumi, T. (1990). Saving-Investment Correlations: Immobile Capital, Government Policy, or Endogenous Behavior?. Staff Papers-International Monetary Fund. 360-387.
  • Blanchard, O. & Giavazzi F. (2002). Current Account Deficits in the Euro Area: The end of the Feldstein-Horioka Puzzle?. Brookings Papers on Economic Activity 2002.2. 147-209.
  • Bodman, P. M. (1995). National Savings and Domestic Investment in the Long Term: Some Time Series Evidence from the OECD." International Economic Journal 9.2. 37-60.
  • Bolatoğlu, N. (2005). Türkiye'de Yurtiçi Yatırım ve Yurtiçi Tasarruf Oranları Arasındaki İlişki. Ekonomik Yaklasim. 16.56. 19-32.
  • Breıtung J. (2001). The Local Power Of Some Unit Root Tests For Panel Data. Advances in Econometrics. 15. 161-177.
  • Breitung, J. (2000). The Local Power of Some Unit Root Tests for Panel Data. Advances in Econometrics. Vol. 15. Nonstationary Panels, Panel Cointegration, and Dynamic Panels, JAI.
  • Breusch, T. S. & Pagan, A. R. (1980). The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies. 47.1. 239-253.
  • Chang, Y. & Smith, R. T. (2014). Feldstein–Horioka puzzles. European Economic Review 72. 98-112.
  • Chen, S. W. & Shen C. H. (2015). Revisiting the Feldstein–Horioka Puzzle with Regime Switching: New Evidence from European Countries. Economic Modelling 49. 260-269.
  • Coakley, J. & Kulasi, F. (1997). Cointegration of Long Span Saving and İnvestment. Economics Letters. 54.1. 1-6.
  • Coakley, J., Kulasi, F. & Smith, R. (1996). Current Account Solvency and the Feldstein--Horioka Puzzle. The Economic Journal. 620-627.
  • Coakley, J., Kulasi F. & Smith, R. (1998). The Feldstein-Horioka Puzzle and Capital Mobility: a Review. International Journal of Finance & Economics. 3.2. 169-188. Di Iorio, F., & Fachin, S. (2007). Testing for Breaks in Cointegrated Panels-With an Application to the Feldstein-Horioka Puzzle. Economics: The Open-Access, Open-Assessment E-Journal 1.
  • Ekrem, E., Nazlioglu, S. & Erdem, C. (2010). Exchange Rate Uncertainty and Agricultural Trade: Panel Cointegration Analysis for Turkey. Agricultural Economics. 41.6. 537-543.
  • Esen, E., Yıldırım, S. & Kostakoğlu S. F. (2012). Feldstein-Horioka Hipotezinin Türkiye Ekonomisi İçin Sınanması: ARDL Modeli Uygulaması. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi. 7.1. 252-261.
  • Feldstein, M. & Horioka, C. (1980). Domestic Saving and International Capital Flows. Economic Journal. 90. 314-329.
  • Feldstein, M. (1983). Domestic Saving and International Capital Movements in the Long Run and the Short Run. European Economic Review. 21. 331-353.
  • Feldstein, M. & Bacchetta, P. (1991). National Saving and International Investment. National Saving and Economic Performance. University of Chicago press. 201-226. http://www.nber.org/books/bern91-2
  • Fouquau, J., Hurlin, C. & Rabaud, I. (2008). The Feldstein-Horioka Puzzle: A Panel Smooth Transition Regression Approach. Economic Modelling. 25.2. 284-299.
  • Georgopoulos, G. & Hejazi, W. (2009). The Feldstein-Horioka Puzzle Revisited: Is the Home-Bias Much Less?. International Review of Economics & Finance. 18.2. 341-350.
  • Göçer, İ., Alataş, S. & Peker, O. (2014). Yatırım-Tasarruf İlişkisi: OECD Ülkeleri İçin Yeni Nesil Panel Eşbütünleşme Analizi. Dumlupinar Üniversitesi Soysyal Bilimler Dergisi, EYİ Özel Sayı. 59-78.
  • Guzel, A. & Ozdemir, Z. A. (2011). The Feldstein–Horioka Puzzle in the Presence of Structural Shifts: The Case of Japan Versus The USA." Research in International Business and Finance. 25.2. 195-202.
  • Harberger, A. C. (1980). Vignettes on the World Capital Market. The American Economic Review 70.2. 331-337.
  • Ho, T. W. (2002). The Feldstein-Horioka Puzzle Revisited. Journal of International Money and Finance. 21.4. 555-564.
  • Hussein, K. A. (1998). International Capital Mobility in OECD Countries: The Feldstein-Horioka Puzzle Revisited. Economics Letters. 59.2. 237-242.
  • Im, K. S., Pesaran, M. H. & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics. 115.1. 53-74.
  • Jansen, W. J. & Schulze, G. G. (1996). Theory‐Based Measurement of the Saving‐Investment Correlation with an Application to Norway. Economic Inquiry. 34.1. 116-132.
  • Jansen, W. J. (1996). Estimating Saving-Investment Correlations: Evidence for OECD Countries Based on an Error Correction Model. Journal of International Money and Finance. 15.5. 749-781.
  • Jansen, W. J. (1997). Can the Intertemporal Budget Constraint Explain the Feldstein-Horioka Puzzle?. Economics Letters. 56.1. 77-83.
  • Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90.1. 1-44.
  • Koçbulut, Ö. & Altıntaş, H. (2016). İkiz Açıklar ve Feldstein-Horioka Hipotezi: OECD Ülkeleri Üzerine Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Panel Eşbütünleşme Analizi. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 48. 145-174.
  • Levin, A., Lin, C. F. & Chu, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics. 108.1. 1-24.
  • Ma, W. & Li, H. (2016). Time-Varying Saving-Investment Relationship and the Feldstein-Horioka Puzzle. Economic Modelling. 53. 166-178.
  • Maddala, G. S. & Wu, S. (1999) A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics. 61. 631-652.
  • Mark, N. C., Ogaki, M. & Sul, D. (2005). Dynamic Seemingly Unrelated Cointegrating Regressions. The Review of Economic Studies. 72.3. 797-820.
  • Mercan, M. (2014). Feldstein-Horioka Hipotezinin AB-15 ve Türkiye Ekonomisi için Sınanması: Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Dinamik Panel Veri Analizi. Ege Academic Review. 14.2. 231-245.
  • Murphy, R. G. (1984). Capital Mobility and the Relationship Between Saving and Investment Rates in OECD Countries. Journal of International Money and Finance. 3.3. 327-342.
  • Narayan, P. K. (2005a). The Relationship Between Saving and Investment for Japan. Japan and the World Economy. 17.3. 293-309.
  • Narayan, P. K. (2005b). The Saving and Investment Nexus for China: Evidence from Cointegration Tests. Applied Economics. 37.17. 1979-1990.
  • Narayan, P. K. & Narayan, S. (2010). Testing for Capital Mobility: New Evidence from a Panel of G7 Countries. Research in International Business and Finance. 24.1. 15-23.
  • Obstfeld, M. & Rogoff, K. (2000). The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?. NBER Macroeconomics Annual 15. MIT press. 339-412.
  • Obstfeld, M. (1986). Capital Mobility in the World Economy: Theory and Measurement. Carnegie-Rochester Conference Series on Public Policy, 24. 55-103.
  • Onur, S. (2012). Finansal Liberalizasyon ve GSMH Büyümesi Arasındaki İlişki. Uluslararası Yönetim İktisat ve İşletme Dergisi. 1.1. 127-152.
  • Özmen, E. & Parmaksiz, K. (2003). Exchange Rate Regimes and the Feldstein-Horioka Puzzle: The French Evidence. Applied Economics. 35:2. 217-222.
  • Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory. 20.03. 597-625.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. CESifo Working Paper Series No. 1229; IZA Discussion Paper No. 1240. 1-39.
  • Pesaran, M. H. (2007). A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence. Journal of Applied Econometrics. 22.2. 265-312.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A Bias‐Adjusted LM Test of Error Cross‐Section Independence. The Econometrics Journal. 11.1. 105-127.
  • Rao, B. B., Tamazian, A. & Kumar, S. (2010). Systems GMM Estimates of the Feldstein-Horioka Puzzle for the OECD Countries and Tests for Structural Breaks. Economic Modelling. 27.5. 1269-1273.
  • Sarno, L. & Taylor, M. P. (1998). Exchange Controls, International Capital Flows and Saving-Investment Correlations in The UK: An Empirical Investigation. Review of World Economics. 134.1. 69-98.
  • Schmidt, M. B. (2003). Savings and Investment in Australia.  Applied Economics. 35.1. 99-106.
  • Seyidoğlu, H. (2009). Uluslararası İktisat, İstanbul:17. Baskı Güzem Can Yayınları.
  • Shibata, A. & Shintani, M. (1998). Capital Mobility in the World Economy: An Alternative Test. Journal of International Money and Finance. 17.5. 741-756.
  • Swamy, P. A. V. B. (1970). Efficient Inference in a Random Coefficient Regression Model. Econometrica: Journal of the Econometric Society. 311-323.
  • Tesar, L. L. (1991). Savings, Investment and International Capital Flows." Journal of International Economics. 31.1. 55-78.
  • Tunçsiper, B. & Biçen, Ö. F. (2016). Feldstein-Horioka Hipotezinin Görünürde İlişkisiz Regresyon Yöntemiyle Analizi: Gelişen Ekonomiler (E7) Üzerine Bir İnceleme. Sosyal Ekonomik Araştırmalar Dergisi. 31. 348-362.
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There are 66 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

İsmail Çifçi

Rabia İnci Özbek

Ergin Uzgören

Publication Date August 14, 2018
Published in Issue Year 2018 Volume: 25 Issue: 2

Cite

APA Çifçi, İ., Özbek, R. İ., & Uzgören, E. (2018). Feldstein-Horioka Bulmacasının OECD Ülkeleri İçin Panel Veri Analiziyle Sınanması. Yönetim Ve Ekonomi Dergisi, 25(2), 369-390. https://doi.org/10.18657/yonveek.340138

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