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