THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES

Yıldırım, A. Eren; YILDIRIM, Mustafa Ozan

THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES

Ahmet Eren YILDIRIM, (Hitit Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü, Çorum, Türkiye)

Mustafa Ozan YILDIRIM (Pamukkale Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü, Pamukkale, Türkiye)

Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

3 0

Yıl: 2020 Cilt: 0 Sayı: 55 Sayfa Aralığı: 141 - 157 Metin Dili: İngilizce İndeks Tarihi: 05-12-2020

THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES

Öz:

This paper examines the saving-investment nexus and the level of capital mobility for the BRICS and Fragile Five countries within the scope of the Feldstein-Horioka (1980) puzzle that asserts a substantial correlation between domestic investment and domestic savings in spite of the increasing capital mobility in the world. It is used the Autoregressive Distributed Lag (ARDL) bounds test approach for the period 1980-2018 on a country-by-country to identify the nature of the saving retention coefficient. Findings of the paper reveal the Feldstein–Horioka (1980) puzzle holds for China, South Africa and Turkey period examined while there is not any long-run relationship between savings and investment in Brazil, India and Indonesia. Based on the savingretention coefficients range from 0.46 to 0.74 for the four countries which there is a cointegration between saving and investment, there is moderate to low capital mobility in these countries.

Anahtar Kelime:

FELDSTEIN-HORIOKA BULMACASI: GELİŞMEKTE OLAN ÜLKELERDEN BULGULAR

Öz:

Bu çalışma dünyadaki artan sermaye hareketliliğine rağmen yurtiçi yatırım ile yurtiçi tasarruflar arasında güçlü bir korelasyonu olduğunu ileri süren Feldstein-Horioka bulmacası kapsamında BRICS ve Kırılgan Beşli ülkelerinde tasarruf yatırım ilişkisini ve sermaye hareketliliğinin düzeyini incelemektedir. 1980-2018 dönemi için her bir ülkedeki yurtiçi tasarrufların ne kadarının yurtiçi yatırımlara dönüştüğünü gösteren tasarruf tutma katsayısını belirlemek için ARDL Sınır testi yaklaşımı kullanılmaktadır. Çalışmanın bulguları, FeldsteinHorioka bulmacasının incelenen dönem için Çin, Güney Afrika ve Türkiye’de geçerli olduğunu; buna karşın Brezilya, Hindistan ve Endonezya’da ise tasarruf ve yatırım arasında uzun dönemli bir ilişki olmadığını ortaya koymaktadır. Çalışmadan elde edilen bulgular eşbütünleşme ilişkisi gösteren dört ülke için tasarruf tutma katsayının 0.46 ile 0.74 arasında değiştiğini göstermektedir. Bu durum, söz konusu ülkelerde orta ve düşük düzeyde bir sermaye hareketliliği olduğunu ifade etmektedir.

Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

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APA	Yıldırım A, YILDIRIM M (2020). THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. , 141 - 157.
Chicago	Yıldırım A. Eren,YILDIRIM Mustafa Ozan THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. (2020): 141 - 157.
MLA	Yıldırım A. Eren,YILDIRIM Mustafa Ozan THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. , 2020, ss.141 - 157.
AMA	Yıldırım A,YILDIRIM M THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. . 2020; 141 - 157.
Vancouver	Yıldırım A,YILDIRIM M THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. . 2020; 141 - 157.
IEEE	Yıldırım A,YILDIRIM M "THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES." , ss.141 - 157, 2020.
ISNAD	Yıldırım, A. Eren - YILDIRIM, Mustafa Ozan. "THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES". (2020), 141-157.

APA	Yıldırım A, YILDIRIM M (2020). THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 0(55), 141 - 157.
Chicago	Yıldırım A. Eren,YILDIRIM Mustafa Ozan THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 0, no.55 (2020): 141 - 157.
MLA	Yıldırım A. Eren,YILDIRIM Mustafa Ozan THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol.0, no.55, 2020, ss.141 - 157.
AMA	Yıldırım A,YILDIRIM M THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2020; 0(55): 141 - 157.
Vancouver	Yıldırım A,YILDIRIM M THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2020; 0(55): 141 - 157.
IEEE	Yıldırım A,YILDIRIM M "THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES." Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 0, ss.141 - 157, 2020.
ISNAD	Yıldırım, A. Eren - YILDIRIM, Mustafa Ozan. "THE FELDSTEIN-HORIOKA PUZZLE: EVIDENCE FROM EMERGING COUNTRIES". Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 55 (2020), 141-157.