On the Sources of the Feldstein-Horioka Puzzle across Time and Frequencies
On the Sources of the Feldstein-Horioka Puzzle across Time and Frequencies
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跨越时间和频率的费尔德斯坦-堀冈之谜的来源
DOI：
10.1111/obes.12293
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发表时间：
2020
影响因子：
2.5
通讯作者：
Jun‐Hyung Ko and Yoshito Funashima
中科院分区：
文献类型：
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作者：
Jun‐Hyung Ko and Yoshito Funashima
本研究使用时频域分析对1885-2010年期间9个国家的Feldstein-Horioka难题的现有解释进行了定量评估。主要调查结果概述如下。首先，大型经济体（如美国、意大利）的储蓄和投资之间的相关性高于中等和小型经济体。第二，国家可以分为两种随时间变化的相关性模式：倒U型和增长模式。第三，在许多国家，财政平衡似乎与储蓄-投资正相关关系最为密切。第四，一个全球性的共同因素在解释Feldstein-Horioka难题中起着重要的作用。
This study quantitatively assesses existing explanations for the Feldstein–Horioka puzzle using time–frequency domain analyses for nine countries for the period 1885–2010. The main findings are summarized as follows. First, large economies (e.g. the United States, Italy) show higher correlations between saving and investment than middle‐sized and small countries do. Second, countries can be grouped into two time‐changing patterns of correlations: inverted U‐shaped and increasing patterns. Third, the fiscal balance seems most related to a positive saving‐investment correlation in many countries. Fourth, a global common factor plays an important role in explaining the Feldstein–Horioka puzzle.