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| Author: | Ho, T-W. |
| Title: | The Feldstein-Horioka puzzle revisited |
| Journal: | Journal of International Money and Finance
2002 : AUG, VOL. 21:4, p. 555-564 |
| Index terms: | COINTEGRATION PANEL DATA LUXEMBOURG |
| Language: | eng |
| Abstract: | Krol (1996) argues that the Feldstein-Horioka puzzle is the result of the estimation technique that using fixed-panel regression, low saving-retention coefficients are found. However, Krol's study has been criticized as revolving around the inclusion of Luxembourg. This paper reexamines the Luxembourg problem by applying Kao and Chiang's (2001) DOLS and FMOLS estimators to non-stationary panel data of 20 OECD countries. |
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