Autore
Fachin, Stefano

Titolo
A panel cointegration study of the long-run relationship between Savings and Investments in the OECD economies, 1970-2007
Periodico
Ministero dell'Economia e delle Finanze. Dipartimento del Tesoro. Working paper
Anno: 2011 - Volume: 2 - Fascicolo: 3 - Pagina iniziale: 1 - Pagina finale: 27

In this paper we test for the existence of a long-run savings-investments relationship in 18 OECD economies over the period 1970-2007. Although individual modelling provides only very weak support to the hypothesis of a link between savings and investments, this cannot be ruled out as individual time series tests may have low power. We thus construct a new bootstrap test for panel cointegration robust to short- and long-run dependence across units. This test provides evidence of a long-run savings-investments relationship in about half of the OECD economies examined. The elasticities are however often smaller than 1, the value expected under no capital movements.



SICI: 1972-411X(2011)2:3<1:APCSOT>2.0.ZU;2-O
Testo completo: http://www.dt.tesoro.it/export/sites/sitodt/modules/documenti_it/analisi_progammazione/working_papers/DiIorio-Fachin.pdf

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