Feldstein-Horioka Bulmacası: İkinci Nesil Panel Eşbütünleşme Analizi

Year 2019, Volume: 20 Issue: 1, 61 - 79, 01.01.2019

Mustafa Kızıltan Anna Golovko Ahmet Burçin Yereli

Abstract

Bu çalışmada 1980-2014 dönemi için yatırım-tasarruf ilişkisi gelişmişlik seviyesine göre ülke grupları açısından toplulaştırılmış verilere dayanılarak ikinci nesil panel birim kök ve eşbütünleşme testleri yardımı ile analiz edilecektir. Bu amaçla yatırım-tasarruf ilişkisi konusunda kısa ve uzun dönem ilişkileri incelemek için sağlam bir araç olan Feldstein-Horioka Bulmacası çerçevesinde bir analiz yapılmıştır. Analiz sonuçları beklentilere paralel olarak sermaye hareketliliğinin ülke grupları arasında gelişmişlik düzeyine bağlı olarak farklılaştığını açık bir şekilde ortaya koymaktadır.

Keywords

Sermaye Hareketliliği, Yatırım ve Tasarruf, Feldstein-Horioka Bulmacası, Panel Veri Analizi

Feldstein-Horioka Puzzle: Second Generation Panel Cointegration Analysis

Abstract

In this study, investment-saving relationship for the period of 1980-2014 will be analyzed by second generation panel cointegration techniques based on aggregated data of country groups according to their development level. For this purpose, Feldstein-Horioka Puzzle analysis was conducted as a robust tool for examining short and long term relationships in investment-saving relationship. The results of the analysis clearly show that, as parallel to the expectations, capital mobility varies depending on the level of development among groups of countries

Keywords

Capital Mobility, Investment and Saving, Feldstein-Horioka Puzzle Panel Data Analysis

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