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Title: Capital mobility and global factor shocks
Authors: Costantini, M
Gutierrez, L
Keywords: Saving;Investment;Capital mobility;Panel cointegration
Issue Date: 2013
Publisher: Elsevier
Citation: Economics Letters, 120(3), 513-515, 2013
Abstract: This paper focuses on the effects of global factors on the saving–investment relationship. We prove that, if investments and savings are affected by idiosyncratic and global components, they must be cointegrated to obtain reliable estimates of the saving-retention coefficient. When global shocks are taken into account throughcommonfactors,wefind that the estimated saving-retention coefficient is close to zero for a panel of 21 OECD countries
Description: © 2013 Elsevier B.V. All rights reserved
ISSN: 0165-1765
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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