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50 Years of Capital Mobility in the Eurozone: Breaking the Feldstein-Horioka Puzzle

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50 Years of Capital Mobility in the Eurozone: Breaking the Feldstein-Horioka Puzzle

dc.contributor.author	Camarero Olivas, María Amparo
dc.contributor.author	Muñoz, Alejandro
dc.contributor.author	Tamarit Escalona, Cecilio Ricardo
dc.date.accessioned	2022-03-28T16:14:52Z
dc.date.available	2022-03-29T04:45:05Z
dc.date.issued	2021	es_ES
dc.identifier.citation	Camarero, M., Muñoz, A. & Tamarit, C. 50 Years of Capital Mobility in the Eurozone: Breaking the Feldstein-Horioka Puzzle. Open Econ Rev 32, 867–905 (2021) Springer	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/82062
dc.description.abstract	This paper assesses capital mobility for the Eurozone countries by studying the long-run relationship between domestic investment and savings for the period 1970-2019. Our main goal is to analyze the impact of economic events on capital mobility during this period. We apply the cointegration methodology in a setting that allows us to identify endogenous breaks in the long-run saving-investment relationship. Precisely, the breaks coincide with relevant economic events. We find a downward trend in the saving-investment retention since the 70s for the so-called “core countries”, whereas this trend is not so evident in the peripheral, where the financial and sovereign crises have had a more substantial impact. In addition, our analysis captures other economic events: the Exchange Rate Mechanism (ERM) crisis, the German reunification, the European financial assistance program, and the post-crisis period. Our results also indicate that the original euro design had some flaws that remain unsolved.	es_ES
dc.language.iso	en	es_ES
dc.subject	capital mobility	es_ES
dc.subject	feldstein-horioka puzzle	es_ES
dc.subject	multiple structural breaks	es_ES
dc.subject	cointegration	es_ES
dc.subject	unit roots	es_ES
dc.title	50 Years of Capital Mobility in the Eurozone: Breaking the Feldstein-Horioka Puzzle	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1007/s11079-021-09655-1	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES