Feldstein-Horioka Bulmacası: İkinci Nesil Panel Eşbütünleşme Analizi
Yıl 2019,
Cilt: 20 Sayı: 1, 61 - 79, 01.01.2019
Mustafa Kızıltan
Anna Golovko
Ahmet Burçin Yereli
Öz
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.
Kaynakça
- Aksoy, Y., Grasl, T. ve Smith, R.P. (2012). The economic impact of demographic structure in OECD countries. Birkbeck Working Papers in Economics ve Finance, Discussion Paper, 1212.
- Aspergis, N. ve Tsoumas, C. (2009). A survey of the Feldstein-Horioka puzzle: What has been done and where we stand. Research in Economics, 63, 64-76.
- Bahmani-Oskooee, M. ve Chakrabarti, A. (2005). Openness, size, and the saving– investment relationship. Economic Systems, 29(3), 283-293.
- Bangake, C. ve Eggoh, J.C. (2012). Pooled Mean Group estimation on international capital mobility in African countries. Research in Economics, 66(1), 7–17.
- Blanchard, O. ve Giavazzi, F. (2002). Current account deficits in the Euro area: The end of the Feldstein-Horioka puzzle? Brookings Papers on Economic Activity, 2, 147-209.
- Breitung, J., ve Pesaran, M. H. (2008). Unit roots and cointegration in panels. in the econometrics of panel data. The econometrics of panel data. Springer Berlin Heidelberg, 279-322.
- Breusch, T. S., ve 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.
- But, B ve Morley, B. (2017). The Feldstein-Horioka puzzle and capital mobility: The role of the recent financial crisis. Economic Systems, 41, 139–150.
- Chakrabarti, A. (2006). The saving-investment relationship revisited: New evidence from multivariate heterogeneous panel co-integration analyses. Journal of Comparative Economics, 34, 402-419.
- Chudik, A., Pesaran, M. H., ve Tosetti, E. (2011). Weak and strong cross‐section dependence and estimation of large panels. The Econometrics Journal, 14(1).
- Chudik, A. ve Pesaran, M. H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393-420.
- Chudik, A., Pesaran, M. H. ve Yang, J. C. (2018). Half‐panel jackknife fixed‐effects estimation of linear panels with weakly exogenous regressors. Journal of Applied Econometrics.
- Coakley, J., Fuertes, A.M. ve Spagnolo, F. (2004). Is the Feldstein–Horioka puzzle history? Manchester School, 72, 569–590.
- Coakley, J., Kulasi, F. ve Smith, R. (1996). Current account solvency and the Feldstein-Horioka Puzzle. Economic Journal, 106, 620–627.
- Coakley, J., Kulasi, F. ve Smith, R. (1998). The Feldstein–Horioka Puzzle and Capital Mobility: A Review. International Journal of Finance and Economics, 3, 169– 188.
- De Vita G. ve Abbott A. (2002). Are Saving and Investment Cointegrated? An ARDL Bounds Testing Approach. Economics Letters, 77, 293-299.
- Dhaene, G., ve Jochmans, K. (2015). Split-panel jackknife estimation of fixed-effect models. The Review of Economic Studies, 82(3), 991-1030.
- Domeij, D. ve Floden, M. (2003). Population aging and international capital flows. SSE/EFI Working Paper Series in Economics and Finance, No. 539.
- Dooley, M., Frankel, J. ve Mathieson, D.J. (1987). International Capital Mobility: What Do Saving-Investment Correlations Tell Us? IMF Economic Review, 34(3), 503–530.
- Drakos, A. A. & Kouretas, G. P. & Vlamis, P. (2018). Saving, investment and capital mobility in EU member countries: a panel data analysis of the Feldstein–Horioka puzzle. Applied Economics, 1-14.
- Eberhardt, M. ve Teal, F. (2010). Productivity Analysis in Global Manufacturing Production. Economics Series Working Papers 515, University of Oxford, Department of Economics.
- Eslamloueyan, K. ve Jafari ,M. (2010). Capital mobility, openness, and saving- investment relationship in Asia. Economic Modelling, 27(5), 1246-1252.
- Fair, R.C. ve Dominguez, K.M. (1991). Effects of the Changing U.S. Age Distribution on Macroeconomic Equations. The American Economic Review, 81(5), 1276- 1294.
- Feldstein, M. ve Bacchetta, P. (1989). National Saving and International Investment. National Bureau of Economic Research (NBER), Working paper no. 3164.
- Feldstein, M. ve Horioka, C. (1980). Domestic Savings and International Capital Flows. The Economic Journal, 90(358), 314-329.
- Fidrmuc, J. (2003). The Feldstein–Horioka Puzzle and Twin Deficits in Selected Countries. Economics of Planning, 36, 135–152.
- Fisher, R. A. (1932). Statistical Methods for Research Workers. Oliver ve Boyd, Edinburgh, 4th Edition.
- Ford, N. ve Horioka, C.Y. (2016). The ‘real’ explanation of the Feldstein–Horioka puzzle. Applied Economics Letters, 24(2), 95-97.
- Gengenbach, C., Urbain, J-P. ve Westerlund, J. (2016). Error Correction Testing in Panels with Common Stochastic Trends. Journal of Applied Econometrics, 31(6), 982-1004.
- Gutierrez, L. (2006). Panel Unit‐root Tests for Cross‐sectionally Correlated Panels: A Monte Carlo Comparison. Oxford Bulletin of Economics and Statistics, 68(4), 519-540.
- Harberger, A.C. (1980). Vignettes on the World Capital Market. The American Economic Review, Papers and Proceedings of the Ninety-Second Annual Meeting of the American Economic Association, 70(2): 331-337.
- Helliwell, J. (2004). Demographic change and international factor mobility, Global Demographic Change: Economic Impacts and Policy Changes. Federal Reserve Bank of Kansas City, Kansas City, MO, 369-420.
- Ho, T.-W. ve Chiu, R.L. (2001). Country size and investment-saving correlation: A panel threshold error correction model. Eastern Economic Journal, 27, 481-490.
- Ho, T.-W. (2003). The saving retention coefficient and country-size: The Feldstein- Horioka puzzle reconsidered. Journal of Macroeconomics, 25, 387-396.
- Horioka, C.Y. ve Terada-Hagiwara, A. (2011). The determinants and long-term projections of saving rates in developing Asia. ISER Discussion Paper, Institute of Social and Economic Research, Osaka University, No. 821.
- Hsiao, C., Pesaran, M. H., ve Pick, A. (2009). Diagnostic Tests of Cross Section Independence for Nonlinear Panel Data Models. Working Paper. University of Cambridge.
- Hurlin, C., ve Mignon, V. (2007). Second Generation Panel Unit Root Tests. HAL.
- İyidoğan, P.V. ve Balıkçıoğlu, E. (2010). The Feldstein-Horioka relation in Turkey: an ARDL Bounds testing approach. Problems and Perspectives in Management, 8(4), 29-36.
- Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of economic dynamics and control, 12(2-3), 231-254.
- Johnson, M.A. ve Lamdin, D.J. (2014). Investment and saving and the euro crisis: A new look at Feldstein–Horioka. Journal of Economics and Business, 76(November–December). 101-114.
- Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of econometrics, 90(1), 1-44.
- Kao, C. ve Chiang, M. (2000). On the Estimation and Inference of a Cointegrated Regression in Panel Data. Nonstationary Panels, Panel Cointegration and Dynamic Panels, 15, 179–222.
- Ketenci, N. (2012). The Feldstein–Horioka Puzzle and structural breaks: Evidence from EU members. Economic Modelling, 29, 262-270.
- Ketenci, N. (2013). The Feldstein–Horioka puzzle in groupings of OECD members: A panel approach. Research inEconomics, 67, 76–87.
- Kibritçioğlu, A. ve Ninjbat, U. (2006). Uluslararası Sermeye Hareketliliğinin Derecesi ve Feldstein-Horioka Bilmecesi. Ankara Üniversitesi Sosyal Bilimler Enstitüsü, İktisat Yüksek Lisans Programı Seminer Çalışması.
- Kool, C.J.M. ve Keijzer, L.M. (2009). International capital mobility: linking the Feldstein–Horioka puzzle to the trade and equity home bias puzzles. Cambridge Journal of Regions, Economy and Society, 1–17.
- Ma, W. ve Li, H. (2016). Time-varying saving–investment relationship and the Feldstein–Horioka puzzle. Economic Modelling, 53, 166-178.
- Maddala, G. S., ve 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(S1), 631-652.
- Masson, P.R. ve Tryon, R.W. (1990). Macroeconomic Effects of Projected Population Aging in Industrial Countries. Staff Papers (International Monetary Fund), 37(3), 453-485.
- Mikesell, R.F. ve Zinser, J.E. (1973). The Nature of the Savings Function in Developing Countries: A Survey of the Theoretical and Empirical Literature. Journal of Economic Literature, 11(1), 1-26.
- Misztal, P. (2011). The Feldstein-Horioka hypothesis in countries with varied levels of economic development. Contemporary Economics, 5(2), 16-29.
- Moscone, F., ve Tosetti, E. (2009). A Review And Comparison of Tests of Cross‐ Section Independence in Panels. Journal of Economic Surveys, 23(3), 528-561.
- Murthy, N. V. (2009). The Feldstein–Horioka puzzle in Latin American and Caribbean countries: a panel cointegration analysis. Journal of Economics and Finance, 33(2), 176.
- Newey, W. K., ve West, K. D. (1994). Automatic lag selection in covariance matrix estimation. The Review of Economic Studies, 61(4), 631-653.
- Obstfeld, M. ve Rogoff, K. (2000). The Six Major Puzzles in International Macroeconomics. Is There a Common Cause? in B.S. Bernanke and K. Rogoff, eds., NBER Macroeconomics Annual 2000. Cambridge, MA: MIT Press, 339- 390.
- Obstfeld, M. (1986). Capital Mobility in the World Economy: Theory and Measurement. Carnegie-Rochester Conference Series on Public Policy, 24, 55– 103.
- Özdemir, Z.A. ve Olgun, H. (2009). The Feldstein–Hoiroka puzzle across countries. Applied Economics, 41(2), 237-247.
- Pedroni, P. (2000). Fully Modified OLS for Heterogenous Cointegrated Panels. B. Baltagi (ed.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, Vol. 15, Amsterdam: JAI Press, 93–130.
- Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
- Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
- 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. (2015). Time series and panel data econometrics. Oxford University Press.
- Pesaran, M. H., ve Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of econometrics, 68(1), 79-113.
- Petreska, D. ve Mojsoska-Blazevski, N. (2013). The Feldstein-Horioka Puzzle and Transition Economies. Economic Annals, LVIII: 197, 23-45.
- Rao, B. B., ve Kumar, S. (2009). A panel data approach to the demand for money and the effects of financial reforms in the Asian countries. Economic Modelling, 26(5), 1012-1017.
- Rao, B.B., Tamazian, A. ve Kumar, S. (2010). Systems GMM estimates of the Feldstein–Horioka puzzle for the OECD countries and tests for structural breaks. Economic Modelling, 27, 1269–1273.
- Roubini, N. ve Sachs, J.D. (1989). Political and Economic Determinants of Budget Deficits in the Industrial Democracies. European Economic Review, 33, 903-938.
- Roubini, N. (1989). Current Account and Budget Deficits in an Intertemporal Model of Consumption and Taxation Smoothing. A Solution to the 'Feldstein-Horioka Puzzle'? Center Discussion Paper, No. 569.
- Sarafidis, V., ve Wansbeek, T. (2012). Cross-sectional dependence in panel data analysis. Econometric Reviews, 31(5), 483-531.
- Schmidt, M. B. (2003). Savings and investment in Australia. Applied Economics, 35(1), 99-106.
- Singh, T. (2013). International mobility of capital in the OECD countries: a robust evidence from panel data estimators. Applied Economics Letters, 20(7), 692-696.
- Sinha, T. ve Sinha, D. (2004). The mother of all puzzles would not go away. Economic Letters, 82, 259-267.
- So, B. S., ve Shin, D. W. (1999). Recursive mean adjustment in time-series inferences. Statistics & Probability Letters, 43(1), 65-73.
- Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and statistics, 69(6), 709-748.
- Westerlund, J., ve Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185-190.
- Yalçınkaya, Ö. ve Hüseyni, İ. (2016). Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013). Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 31(1), 343-369.
- Yentürk, N., Ulengin, B. ve Cimenoglu, A. (2009). An analysis of the interaction among savings, investments and growth in Turkey. Applied Economics, 41(6), 739-751.
- Younas, J. ve Chakraborty, D. (2011). Globalization and the Feldstein–Horioka puzzle. Applied Economics, 43(16), 2089-2096. Ekler
Feldstein-Horioka Puzzle: Second Generation Panel Cointegration Analysis
Yıl 2019,
Cilt: 20 Sayı: 1, 61 - 79, 01.01.2019
Mustafa Kızıltan
Anna Golovko
Ahmet Burçin Yereli
Öz
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
Kaynakça
- Aksoy, Y., Grasl, T. ve Smith, R.P. (2012). The economic impact of demographic structure in OECD countries. Birkbeck Working Papers in Economics ve Finance, Discussion Paper, 1212.
- Aspergis, N. ve Tsoumas, C. (2009). A survey of the Feldstein-Horioka puzzle: What has been done and where we stand. Research in Economics, 63, 64-76.
- Bahmani-Oskooee, M. ve Chakrabarti, A. (2005). Openness, size, and the saving– investment relationship. Economic Systems, 29(3), 283-293.
- Bangake, C. ve Eggoh, J.C. (2012). Pooled Mean Group estimation on international capital mobility in African countries. Research in Economics, 66(1), 7–17.
- Blanchard, O. ve Giavazzi, F. (2002). Current account deficits in the Euro area: The end of the Feldstein-Horioka puzzle? Brookings Papers on Economic Activity, 2, 147-209.
- Breitung, J., ve Pesaran, M. H. (2008). Unit roots and cointegration in panels. in the econometrics of panel data. The econometrics of panel data. Springer Berlin Heidelberg, 279-322.
- Breusch, T. S., ve 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.
- But, B ve Morley, B. (2017). The Feldstein-Horioka puzzle and capital mobility: The role of the recent financial crisis. Economic Systems, 41, 139–150.
- Chakrabarti, A. (2006). The saving-investment relationship revisited: New evidence from multivariate heterogeneous panel co-integration analyses. Journal of Comparative Economics, 34, 402-419.
- Chudik, A., Pesaran, M. H., ve Tosetti, E. (2011). Weak and strong cross‐section dependence and estimation of large panels. The Econometrics Journal, 14(1).
- Chudik, A. ve Pesaran, M. H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393-420.
- Chudik, A., Pesaran, M. H. ve Yang, J. C. (2018). Half‐panel jackknife fixed‐effects estimation of linear panels with weakly exogenous regressors. Journal of Applied Econometrics.
- Coakley, J., Fuertes, A.M. ve Spagnolo, F. (2004). Is the Feldstein–Horioka puzzle history? Manchester School, 72, 569–590.
- Coakley, J., Kulasi, F. ve Smith, R. (1996). Current account solvency and the Feldstein-Horioka Puzzle. Economic Journal, 106, 620–627.
- Coakley, J., Kulasi, F. ve Smith, R. (1998). The Feldstein–Horioka Puzzle and Capital Mobility: A Review. International Journal of Finance and Economics, 3, 169– 188.
- De Vita G. ve Abbott A. (2002). Are Saving and Investment Cointegrated? An ARDL Bounds Testing Approach. Economics Letters, 77, 293-299.
- Dhaene, G., ve Jochmans, K. (2015). Split-panel jackknife estimation of fixed-effect models. The Review of Economic Studies, 82(3), 991-1030.
- Domeij, D. ve Floden, M. (2003). Population aging and international capital flows. SSE/EFI Working Paper Series in Economics and Finance, No. 539.
- Dooley, M., Frankel, J. ve Mathieson, D.J. (1987). International Capital Mobility: What Do Saving-Investment Correlations Tell Us? IMF Economic Review, 34(3), 503–530.
- Drakos, A. A. & Kouretas, G. P. & Vlamis, P. (2018). Saving, investment and capital mobility in EU member countries: a panel data analysis of the Feldstein–Horioka puzzle. Applied Economics, 1-14.
- Eberhardt, M. ve Teal, F. (2010). Productivity Analysis in Global Manufacturing Production. Economics Series Working Papers 515, University of Oxford, Department of Economics.
- Eslamloueyan, K. ve Jafari ,M. (2010). Capital mobility, openness, and saving- investment relationship in Asia. Economic Modelling, 27(5), 1246-1252.
- Fair, R.C. ve Dominguez, K.M. (1991). Effects of the Changing U.S. Age Distribution on Macroeconomic Equations. The American Economic Review, 81(5), 1276- 1294.
- Feldstein, M. ve Bacchetta, P. (1989). National Saving and International Investment. National Bureau of Economic Research (NBER), Working paper no. 3164.
- Feldstein, M. ve Horioka, C. (1980). Domestic Savings and International Capital Flows. The Economic Journal, 90(358), 314-329.
- Fidrmuc, J. (2003). The Feldstein–Horioka Puzzle and Twin Deficits in Selected Countries. Economics of Planning, 36, 135–152.
- Fisher, R. A. (1932). Statistical Methods for Research Workers. Oliver ve Boyd, Edinburgh, 4th Edition.
- Ford, N. ve Horioka, C.Y. (2016). The ‘real’ explanation of the Feldstein–Horioka puzzle. Applied Economics Letters, 24(2), 95-97.
- Gengenbach, C., Urbain, J-P. ve Westerlund, J. (2016). Error Correction Testing in Panels with Common Stochastic Trends. Journal of Applied Econometrics, 31(6), 982-1004.
- Gutierrez, L. (2006). Panel Unit‐root Tests for Cross‐sectionally Correlated Panels: A Monte Carlo Comparison. Oxford Bulletin of Economics and Statistics, 68(4), 519-540.
- Harberger, A.C. (1980). Vignettes on the World Capital Market. The American Economic Review, Papers and Proceedings of the Ninety-Second Annual Meeting of the American Economic Association, 70(2): 331-337.
- Helliwell, J. (2004). Demographic change and international factor mobility, Global Demographic Change: Economic Impacts and Policy Changes. Federal Reserve Bank of Kansas City, Kansas City, MO, 369-420.
- Ho, T.-W. ve Chiu, R.L. (2001). Country size and investment-saving correlation: A panel threshold error correction model. Eastern Economic Journal, 27, 481-490.
- Ho, T.-W. (2003). The saving retention coefficient and country-size: The Feldstein- Horioka puzzle reconsidered. Journal of Macroeconomics, 25, 387-396.
- Horioka, C.Y. ve Terada-Hagiwara, A. (2011). The determinants and long-term projections of saving rates in developing Asia. ISER Discussion Paper, Institute of Social and Economic Research, Osaka University, No. 821.
- Hsiao, C., Pesaran, M. H., ve Pick, A. (2009). Diagnostic Tests of Cross Section Independence for Nonlinear Panel Data Models. Working Paper. University of Cambridge.
- Hurlin, C., ve Mignon, V. (2007). Second Generation Panel Unit Root Tests. HAL.
- İyidoğan, P.V. ve Balıkçıoğlu, E. (2010). The Feldstein-Horioka relation in Turkey: an ARDL Bounds testing approach. Problems and Perspectives in Management, 8(4), 29-36.
- Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of economic dynamics and control, 12(2-3), 231-254.
- Johnson, M.A. ve Lamdin, D.J. (2014). Investment and saving and the euro crisis: A new look at Feldstein–Horioka. Journal of Economics and Business, 76(November–December). 101-114.
- Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of econometrics, 90(1), 1-44.
- Kao, C. ve Chiang, M. (2000). On the Estimation and Inference of a Cointegrated Regression in Panel Data. Nonstationary Panels, Panel Cointegration and Dynamic Panels, 15, 179–222.
- Ketenci, N. (2012). The Feldstein–Horioka Puzzle and structural breaks: Evidence from EU members. Economic Modelling, 29, 262-270.
- Ketenci, N. (2013). The Feldstein–Horioka puzzle in groupings of OECD members: A panel approach. Research inEconomics, 67, 76–87.
- Kibritçioğlu, A. ve Ninjbat, U. (2006). Uluslararası Sermeye Hareketliliğinin Derecesi ve Feldstein-Horioka Bilmecesi. Ankara Üniversitesi Sosyal Bilimler Enstitüsü, İktisat Yüksek Lisans Programı Seminer Çalışması.
- Kool, C.J.M. ve Keijzer, L.M. (2009). International capital mobility: linking the Feldstein–Horioka puzzle to the trade and equity home bias puzzles. Cambridge Journal of Regions, Economy and Society, 1–17.
- Ma, W. ve Li, H. (2016). Time-varying saving–investment relationship and the Feldstein–Horioka puzzle. Economic Modelling, 53, 166-178.
- Maddala, G. S., ve 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(S1), 631-652.
- Masson, P.R. ve Tryon, R.W. (1990). Macroeconomic Effects of Projected Population Aging in Industrial Countries. Staff Papers (International Monetary Fund), 37(3), 453-485.
- Mikesell, R.F. ve Zinser, J.E. (1973). The Nature of the Savings Function in Developing Countries: A Survey of the Theoretical and Empirical Literature. Journal of Economic Literature, 11(1), 1-26.
- Misztal, P. (2011). The Feldstein-Horioka hypothesis in countries with varied levels of economic development. Contemporary Economics, 5(2), 16-29.
- Moscone, F., ve Tosetti, E. (2009). A Review And Comparison of Tests of Cross‐ Section Independence in Panels. Journal of Economic Surveys, 23(3), 528-561.
- Murthy, N. V. (2009). The Feldstein–Horioka puzzle in Latin American and Caribbean countries: a panel cointegration analysis. Journal of Economics and Finance, 33(2), 176.
- Newey, W. K., ve West, K. D. (1994). Automatic lag selection in covariance matrix estimation. The Review of Economic Studies, 61(4), 631-653.
- Obstfeld, M. ve Rogoff, K. (2000). The Six Major Puzzles in International Macroeconomics. Is There a Common Cause? in B.S. Bernanke and K. Rogoff, eds., NBER Macroeconomics Annual 2000. Cambridge, MA: MIT Press, 339- 390.
- Obstfeld, M. (1986). Capital Mobility in the World Economy: Theory and Measurement. Carnegie-Rochester Conference Series on Public Policy, 24, 55– 103.
- Özdemir, Z.A. ve Olgun, H. (2009). The Feldstein–Hoiroka puzzle across countries. Applied Economics, 41(2), 237-247.
- Pedroni, P. (2000). Fully Modified OLS for Heterogenous Cointegrated Panels. B. Baltagi (ed.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, Vol. 15, Amsterdam: JAI Press, 93–130.
- Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
- Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
- 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. (2015). Time series and panel data econometrics. Oxford University Press.
- Pesaran, M. H., ve Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of econometrics, 68(1), 79-113.
- Petreska, D. ve Mojsoska-Blazevski, N. (2013). The Feldstein-Horioka Puzzle and Transition Economies. Economic Annals, LVIII: 197, 23-45.
- Rao, B. B., ve Kumar, S. (2009). A panel data approach to the demand for money and the effects of financial reforms in the Asian countries. Economic Modelling, 26(5), 1012-1017.
- Rao, B.B., Tamazian, A. ve Kumar, S. (2010). Systems GMM estimates of the Feldstein–Horioka puzzle for the OECD countries and tests for structural breaks. Economic Modelling, 27, 1269–1273.
- Roubini, N. ve Sachs, J.D. (1989). Political and Economic Determinants of Budget Deficits in the Industrial Democracies. European Economic Review, 33, 903-938.
- Roubini, N. (1989). Current Account and Budget Deficits in an Intertemporal Model of Consumption and Taxation Smoothing. A Solution to the 'Feldstein-Horioka Puzzle'? Center Discussion Paper, No. 569.
- Sarafidis, V., ve Wansbeek, T. (2012). Cross-sectional dependence in panel data analysis. Econometric Reviews, 31(5), 483-531.
- Schmidt, M. B. (2003). Savings and investment in Australia. Applied Economics, 35(1), 99-106.
- Singh, T. (2013). International mobility of capital in the OECD countries: a robust evidence from panel data estimators. Applied Economics Letters, 20(7), 692-696.
- Sinha, T. ve Sinha, D. (2004). The mother of all puzzles would not go away. Economic Letters, 82, 259-267.
- So, B. S., ve Shin, D. W. (1999). Recursive mean adjustment in time-series inferences. Statistics & Probability Letters, 43(1), 65-73.
- Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and statistics, 69(6), 709-748.
- Westerlund, J., ve Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185-190.
- Yalçınkaya, Ö. ve Hüseyni, İ. (2016). Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013). Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 31(1), 343-369.
- Yentürk, N., Ulengin, B. ve Cimenoglu, A. (2009). An analysis of the interaction among savings, investments and growth in Turkey. Applied Economics, 41(6), 739-751.
- Younas, J. ve Chakraborty, D. (2011). Globalization and the Feldstein–Horioka puzzle. Applied Economics, 43(16), 2089-2096. Ekler