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Saving-Investment Relationship: Evaluation of The Feldstein-Horioka Hypothesis in Terms of OECD Countries (1980-2013)

Yıl 2016, Cilt: 31 Sayı: 1, 343 - 366, 13.06.2016
https://doi.org/10.24988/deuiibf.2016311479

Öz

Economic growth as regardless of productivity increase has to took placed with investments, the investments simply can be met by savings. At this point, it is required that identification the ratio of domestic savings to meet domestic investments or domestic investments of dependence on foreign savings. In this respect the study, in the frame Feldstein-Horioka Hypothesis, it is aimed that on 28 OECD member countries which according to the saving-investment balance is grouped, the relationship between domestic savings and domestic investments investigation by using a new generation of panel data analysis methodology which cross-section dependence taking into account and data for the period 1980-2013. As a result of the study, it has been determined that the ratios of domestic savings to meet domestic investments namely the degree of capital mobility on defined country groups, according to the saving-investment balance of the  country significantly is varied. At the same time, in the study it has been concluded that Feldstein-Horioka Hypothesis is accepted in  countries with saving surplus, conversely Feldstein-Horioka Paradox is relatively continued in countries with saving deficient.

Kaynakça

  • ADEDEJI, O., THORNTON, J. (2008), “International Capital Mobility: Evidence From Panel Cointegration Tests”, Economics Letters, 99, 349-352.
  • APERGIS, N., TSOUMAS, C. (2009),“A Survey of The Feldstein-Horioka Puzzle: What Has Been Done and Where We Stand”, Research in Economics, 63, 64-76.
  • ARGIMON, I., ROLDAN, J. M. (1994), “Saving, Investment and International Capital Mobility in EC Countries”, European Economic Review, 38, 59-67.
  • BAHMANI-OSKOOEE, M., CHAKRABARTI, A. (2005), “Openness, Size and The Saving-Investment Relationship”, Economic Systems, 29, 283-293.
  • BALTAGI, B. (2008), Econometric Analysis of Panel Data (1. Bs): John Wiley & Sons.
  • BAYOUMI, T. (1989), “Saving-Investment Correlations. Immobile Capital, Government Policy or Endogenous Behavior?”, IMF Working Paper, No:89/66.
  • BAXTER, M., CRUCINI, M. J. (1993), “Explaining Saving-Investrnent Correlations”, American Economic Review, 83, 360-387.
  • BLANCHARD, O., GIAVAZZI, F. (2002), “Current Account Deficits in The Euro Area: The End of the Feldstein_Horioka Puzzle?”, Brookings Papers on Economic Activity, 2, 147-209.
  • BOLATOĞLU, N. (2005), “Türkiye'de Yurtiçi Yatırım ve Yurtiçi Tasarruf Oranları Arasındaki İlişki”, Ekonomik Yaklaşım, 16(56), 19-32.
  • CAPORALE, G. M., PANOPOULOU, E., PITTIS, N. (2005), “The Feldstein-Horioka Puzzle Revisited: a Monte Carlo Study”, Journal of International Money and Finance, 24, 1143-1149.
  • CHAKRABARTI, A. (2006), “The Saving-Investment Relationship Revisited: New Evidence from Multivariate Heterogeneous Panel Co-Integration Analyses”, Journal of Comparative Economics, 34, 402-419
  • CHRISTOPOULOS, D. K. (2007), “A Reassesment of The Feldstein-Horioka Hypothesis of Perfect Capital Mobility: Evidence from Historical Data”, Empirica, 34, 273-280.
  • COAKLEY, J., KULASI, F., SMITH, R. (1996), “Current Account Solvency and The Feldstein-Horioka Puzzle”, The Economic Journal, 106, 620-627.
  • COAKLEY, J., KULASI, F. (1997), “Cointegration of Long Run Saving and Investment”, Economics Letters, 54, 1-6.
  • COAKLEY, J., KULASI, F., SMITH, R. (1998), “The Feldstein-Horioka Puzzle and Capital Mobility: A Review”, International Journal of Finance and Economics, 3, 169-188.
  • COAKLEY, J., FUERTES, A. M., SPAGNOLO, F. (2001), “The Feldstein-Horioka Puzzle is not As Bad As You Think”, Birkbeck College Discussion Paper in Economics, 10-01.
  • CORBİN, A. (2001), “Country Specific Effect in The Feldstein-Horioka Paradox: A Panel Data Analysis”, Economics Letters, 72(3), 297-302.
  • DI IORIO, F., FACHIN, S. (2007), “Testing for Breaks in Cointegrated Panels-With an Application to The Feldstein-Horioka Puzzle”, Economics: The Open-Access, Open-Assessment E-Journal, 1(14), 1-23
  • DOOLEY, M., FRANKEL, J. A., MATHİESON, D. J. (1987), “International Capital Mobility: What Do Saving-Investment Correlations Tell Us?”, International Monetary Fund Staff Papers, 34, 503-530.
  • ESLAMLOUEYAN, K., JAFARI, M. (2010), “Capital Mobility, Openness, and Saving-Investment Relationship in Asia,”Economic Modelling, 27(5), 1246-1252.
  • FELDSTIEN, M., HORIOKA, C. (1980), “Domestic Saving and International Capital Flows”, Economic Journal, 90: 314-29.
  • FELDSTIEN, M. (1983), “Domestic Saving and International Capital Movements in the Long Run and the Short Run”, NBER Working Paper Series, Paper No: 947.
  • FELDSTIEN, M., BACCHETTA, P. (1989), “National Saving and International Investment”, NBER Working Paper Series, Paper No: 3164.
  • FOUQUAU, J., HURLIN, C., RABAUD, I. (2008), “The Feldstein-Horioka Puzzle: A Panel Smooth Transition Regression Approach”, Economic Modelling, 25, 284-299.
  • GEORGOPOULOS, G., HEJAZI, W. (2009), “The Feldstein–Horioka Puzzle Revisited: is The Home-Bias Much Less?”, International Review of Economics and Finance, 18(2), 341-350.
  • GHOSH, D., DUTT, S. (2011), “International Capital Mobility and The Feldstein-Horioka Puzzle: an Empirical Examination for The G5 Nations”, Southwestern Economic Review, 38(1), 27-36.
  • GOLUB, S. S. (1990), “International Capital Mobility: Net vs Gross Stocks and Flows”, Journal of International Money and Finance, 9, 424-439
  • GÖÇER, İ., MERCAN, M., HOTUNLUOĞLU, H. (2012), “Seçilmiş OECD Ülkelerinde Cari İşlemler Açığının Sürdürülebilirliği: Yatay Kesit Bağımlılığı Altında Çoklu Yapısal Kırılmalı Panel Veri Analizi”, Maliye Dergisi, 163, 449-470.
  • GÖÇER, İ. (2013), “Seçilmiş OECD Ülkelerinde Bütçe Açıklarının Sürdürülebilirliği: Yatay Kesit Bağımlılığı Altında Panel Eş-Bütünleşme Analizi”, Journal of Yaşar University, 8(30), 5086-5104.
  • GÖÇER, İ., ALATAŞ, S., PEKER, O. (2013), “Yatırım-Tasarruf İlişkisi: OECD Ülkeleri İçin Yeni Nesil Panel Eşbütünleşme Analizi”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, EYİ 2013 Özel Sayısı, 59-78.
  • GÖÇER, İ., GEREDE, C., KUTBAY, H. (2014), “Dış Ticarette Rekabet Gücünün Belirleyicisi Olarak Ar-Ge ve İnovasyon: Ekonometrik Bir Analiz”, 15th International Symposium on Econometrics, Operations Research and Statistics 22-25 May 2014 Suleyman Demirel University, Isparta, Turkey.
  • GUJARATI, D. N. (2009), Temel Ekonometri (Çev.: Ümit Şenesen ve Gülay G. Şenesen). Literatür Yayıncılık, İstanbul.
  • HARBERGER, A. (1980), “Vignettes on The World Capital Market”, American Economic Review, 70, 331-337.
  • HERWARTZ, H., XU, F. (2010), “A Functional Coefficient Model View of The Feldstein-Horioka Puzzle”, Journal of International Money and Finance, 29(1), 37-54.
  • HO, T. W. (2002), “The Feldstein–Horioka Puzzle Revisited”, Journal of International Money and Finance, 21, 555-564.
  • HUSSEIN, K. A. (1998), “International Capital Mobility in OECD Countries: The Feldstein-Horioka ‘Puzzle’ Revisited”, Economics Letters, 59, 237-242.
  • HUSTED, S. (1992), “The Emergent US Current Account Deficit in The 1980s: A Cointegration Analysis”, The Review of Economics and Statistics, 74(1), 159-166.
  • İYİDOĞAN, P. V., BALIKÇIOĞLU, E. (2010), “The Feldstein-Horioka Relation in Turkey: an ARDL Bounds Testing Approach”, Problems and Perspectives in Management, 8(4), 29-36.
  • JANSEN, W. J. (1996), “Estimating Saving-Investment Correlations: Evidence for OECD Countries Based on an Error-Correction Model”, Journal of International Money and Finance, 15, 749-781.
  • KİM, H., OH, K., JEONG, C. (2005), “Panel Cointegration Results on International Capital Mobility in Asian Economies”, Journal of International Money and Finance, 24, 71-82.
  • KOLLIAS, C., MYLONIDIS, N., PALEOLOGOU, S. M. (2008), “International Review of Economics and Finance”, 17, 380-387.
  • KUMAR, S., RAO, B. B. (2009), A Time Series Approach to The Feldstein–Horioka Puzzle with Panel Data from the OECD Countries”, MPRA Paper, University Library of Munich, Germany.
  • MERCAN, M. (2014), “Feldstein-Horioka Hipotezinin AB-15 ve Türkiye Ekonomisi için Sınanması: Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Dinamik Panel Veri Analizi”, Ege Akademik Bakış, 14(2), 231-245.
  • MİLLER, S. M. (1988), “Are Saving and Investment Cointegrated?”, Economics Letters, 27, 31-34.
  • MORENO, R. (1997), “Saving-Investment Dynamics and Capital Mobility in the US and Japan”, Journal of International Money and Finance, 16, 837-863.
  • MURPHY, R. G. (1984), “Capital Mobility and The Relationship Between Saving and Investment ın OECD Countries”, Journal of International Money and Finance, 3, 327-342.
  • NARAYAN, P. K., NARAYAN, S. (2010), “Testing for Capital Mobility: New Evidence From a Panel of G7 Countries”, Research in International Business and Finance 24(1), 15-23.
  • NAZLIOĞLU, Ş. (2010), Makro İktisat Politikalarının Tarım Sektörü Üzerindeki Etkileri: Gelişmiş ve Gelişmekte Olan Ülkeler İçin Bir Karşılaştırma, (Yayınlanmamış Doktora Tezi), Kayseri: Erciyes Üniversitesi Sosyal Bilimler Enstitüsü.
  • OBSTFELD, M. (1985). “Capital Mobility in The World Economy: Theory and Measurement”, NBER Working Paper Series, Paper No: 4851.
  • OBSTFELD, M. (1986), “How Integrated Are World Capital Markets? Some New Tests”, NBER Working Paper Series, Paper No: 2075.
  • OBSTFELD, M., ROGOFF, K. (2000), “The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?”, Institute of Business and Economic Research, University of California, Berkley, Working Paper, No: c00-112
  • PESARAN, M. H. (2007), “A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence”, Journal of Applied Econometrics, 22(2), 265-312.
  • PESARAN, M. H., ULLAH, A., YAMAGATA, T. (2008), “A Bias‐Adjusted LM Test of Error Cross‐Section Independence”, The Econometrics Journal, 11(1), 105-127.
  • PELAGIDIS, T., MASTROYIANNIS, T. (2003), “The Saving-Investment Correlation in Greece, 1960-1997: Implications for Capital Mobility”, Journal of Policy Modeling, 25, 609-616.
  • PENATI, A., DOOLEY, M. (1984), “Current Account Imbalances and Capital Formation in Industrial Countries 1949-1981”, International Monetary Fund Staff Papers, 31, 1-24.
  • RAO, B. B., TAMAZIAN, A., KUMAR, S. (2010), “Systems GMM Estimates of The Feldstein-Horioka Puzzle for the OECD Countries and Tests for Structural Breaks”, Economic Modelling”, 27(5), 1269-1273.
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Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013)

Yıl 2016, Cilt: 31 Sayı: 1, 343 - 366, 13.06.2016
https://doi.org/10.24988/deuiibf.2016311479

Öz

Ekonomik büyüme verimlilik artışlarından bağımsız olarak yatırımlarla gerçekleşmekte,yatırımlar ise ancak tasarruflarla karşılanabilmektedir. Bu noktada, yurtiçi tasarrufların yurtiçi yatırımları karşılama oranının ya da yurtiçi yatırımların yabancı tasarruflara olan
bağımlılığının belirlenmesi gerekmektedir. Bu doğrultuda çalışmada, yurtiçi tasarruflar ile yurtiçi yatırımlar arasındaki ilişkiler tasarruf-yatırım dengelerine göre gruplandırılan 28 OECD üyesi ülkede Feldstein-Horioka Hipotezi çerçevesinde, 1980-2013 dönemine ait verilerle ve yatay kesit bağımlılığını dikkate alan yeni nesil panel veri analizi metodolojisi ile incelenmiştir. Çalışma sonucunda, tanımlanan ülke gruplarında yurtiçi tasarrufların yurtiçi yatırımları karşılama oranlarının yani sermaye hareketliliğinin derecesinin ülkelerin tasarruf-yatırım dengelerine  göre önemli ölçüde değiştiği tespit edilmiştir. Bununla birlikte, çalışmada tasarruf fazlası veren ülkelerde Feldstein-Horioka Hipotezinin
geçerli olduğu aksine tasarruf açığı veren ülkelerde ise Feldstein-Horioka Paradoksunun nispeten sürmekte olduğu sonucuna ulaşılmıştır.

Kaynakça

  • ADEDEJI, O., THORNTON, J. (2008), “International Capital Mobility: Evidence From Panel Cointegration Tests”, Economics Letters, 99, 349-352.
  • APERGIS, N., TSOUMAS, C. (2009),“A Survey of The Feldstein-Horioka Puzzle: What Has Been Done and Where We Stand”, Research in Economics, 63, 64-76.
  • ARGIMON, I., ROLDAN, J. M. (1994), “Saving, Investment and International Capital Mobility in EC Countries”, European Economic Review, 38, 59-67.
  • BAHMANI-OSKOOEE, M., CHAKRABARTI, A. (2005), “Openness, Size and The Saving-Investment Relationship”, Economic Systems, 29, 283-293.
  • BALTAGI, B. (2008), Econometric Analysis of Panel Data (1. Bs): John Wiley & Sons.
  • BAYOUMI, T. (1989), “Saving-Investment Correlations. Immobile Capital, Government Policy or Endogenous Behavior?”, IMF Working Paper, No:89/66.
  • BAXTER, M., CRUCINI, M. J. (1993), “Explaining Saving-Investrnent Correlations”, American Economic Review, 83, 360-387.
  • BLANCHARD, O., GIAVAZZI, F. (2002), “Current Account Deficits in The Euro Area: The End of the Feldstein_Horioka Puzzle?”, Brookings Papers on Economic Activity, 2, 147-209.
  • BOLATOĞLU, N. (2005), “Türkiye'de Yurtiçi Yatırım ve Yurtiçi Tasarruf Oranları Arasındaki İlişki”, Ekonomik Yaklaşım, 16(56), 19-32.
  • CAPORALE, G. M., PANOPOULOU, E., PITTIS, N. (2005), “The Feldstein-Horioka Puzzle Revisited: a Monte Carlo Study”, Journal of International Money and Finance, 24, 1143-1149.
  • CHAKRABARTI, A. (2006), “The Saving-Investment Relationship Revisited: New Evidence from Multivariate Heterogeneous Panel Co-Integration Analyses”, Journal of Comparative Economics, 34, 402-419
  • CHRISTOPOULOS, D. K. (2007), “A Reassesment of The Feldstein-Horioka Hypothesis of Perfect Capital Mobility: Evidence from Historical Data”, Empirica, 34, 273-280.
  • COAKLEY, J., KULASI, F., SMITH, R. (1996), “Current Account Solvency and The Feldstein-Horioka Puzzle”, The Economic Journal, 106, 620-627.
  • COAKLEY, J., KULASI, F. (1997), “Cointegration of Long Run Saving and Investment”, Economics Letters, 54, 1-6.
  • COAKLEY, J., KULASI, F., SMITH, R. (1998), “The Feldstein-Horioka Puzzle and Capital Mobility: A Review”, International Journal of Finance and Economics, 3, 169-188.
  • COAKLEY, J., FUERTES, A. M., SPAGNOLO, F. (2001), “The Feldstein-Horioka Puzzle is not As Bad As You Think”, Birkbeck College Discussion Paper in Economics, 10-01.
  • CORBİN, A. (2001), “Country Specific Effect in The Feldstein-Horioka Paradox: A Panel Data Analysis”, Economics Letters, 72(3), 297-302.
  • DI IORIO, F., FACHIN, S. (2007), “Testing for Breaks in Cointegrated Panels-With an Application to The Feldstein-Horioka Puzzle”, Economics: The Open-Access, Open-Assessment E-Journal, 1(14), 1-23
  • DOOLEY, M., FRANKEL, J. A., MATHİESON, D. J. (1987), “International Capital Mobility: What Do Saving-Investment Correlations Tell Us?”, International Monetary Fund Staff Papers, 34, 503-530.
  • ESLAMLOUEYAN, K., JAFARI, M. (2010), “Capital Mobility, Openness, and Saving-Investment Relationship in Asia,”Economic Modelling, 27(5), 1246-1252.
  • FELDSTIEN, M., HORIOKA, C. (1980), “Domestic Saving and International Capital Flows”, Economic Journal, 90: 314-29.
  • FELDSTIEN, M. (1983), “Domestic Saving and International Capital Movements in the Long Run and the Short Run”, NBER Working Paper Series, Paper No: 947.
  • FELDSTIEN, M., BACCHETTA, P. (1989), “National Saving and International Investment”, NBER Working Paper Series, Paper No: 3164.
  • FOUQUAU, J., HURLIN, C., RABAUD, I. (2008), “The Feldstein-Horioka Puzzle: A Panel Smooth Transition Regression Approach”, Economic Modelling, 25, 284-299.
  • GEORGOPOULOS, G., HEJAZI, W. (2009), “The Feldstein–Horioka Puzzle Revisited: is The Home-Bias Much Less?”, International Review of Economics and Finance, 18(2), 341-350.
  • GHOSH, D., DUTT, S. (2011), “International Capital Mobility and The Feldstein-Horioka Puzzle: an Empirical Examination for The G5 Nations”, Southwestern Economic Review, 38(1), 27-36.
  • GOLUB, S. S. (1990), “International Capital Mobility: Net vs Gross Stocks and Flows”, Journal of International Money and Finance, 9, 424-439
  • GÖÇER, İ., MERCAN, M., HOTUNLUOĞLU, H. (2012), “Seçilmiş OECD Ülkelerinde Cari İşlemler Açığının Sürdürülebilirliği: Yatay Kesit Bağımlılığı Altında Çoklu Yapısal Kırılmalı Panel Veri Analizi”, Maliye Dergisi, 163, 449-470.
  • GÖÇER, İ. (2013), “Seçilmiş OECD Ülkelerinde Bütçe Açıklarının Sürdürülebilirliği: Yatay Kesit Bağımlılığı Altında Panel Eş-Bütünleşme Analizi”, Journal of Yaşar University, 8(30), 5086-5104.
  • GÖÇER, İ., ALATAŞ, S., PEKER, O. (2013), “Yatırım-Tasarruf İlişkisi: OECD Ülkeleri İçin Yeni Nesil Panel Eşbütünleşme Analizi”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, EYİ 2013 Özel Sayısı, 59-78.
  • GÖÇER, İ., GEREDE, C., KUTBAY, H. (2014), “Dış Ticarette Rekabet Gücünün Belirleyicisi Olarak Ar-Ge ve İnovasyon: Ekonometrik Bir Analiz”, 15th International Symposium on Econometrics, Operations Research and Statistics 22-25 May 2014 Suleyman Demirel University, Isparta, Turkey.
  • GUJARATI, D. N. (2009), Temel Ekonometri (Çev.: Ümit Şenesen ve Gülay G. Şenesen). Literatür Yayıncılık, İstanbul.
  • HARBERGER, A. (1980), “Vignettes on The World Capital Market”, American Economic Review, 70, 331-337.
  • HERWARTZ, H., XU, F. (2010), “A Functional Coefficient Model View of The Feldstein-Horioka Puzzle”, Journal of International Money and Finance, 29(1), 37-54.
  • HO, T. W. (2002), “The Feldstein–Horioka Puzzle Revisited”, Journal of International Money and Finance, 21, 555-564.
  • HUSSEIN, K. A. (1998), “International Capital Mobility in OECD Countries: The Feldstein-Horioka ‘Puzzle’ Revisited”, Economics Letters, 59, 237-242.
  • HUSTED, S. (1992), “The Emergent US Current Account Deficit in The 1980s: A Cointegration Analysis”, The Review of Economics and Statistics, 74(1), 159-166.
  • İYİDOĞAN, P. V., BALIKÇIOĞLU, E. (2010), “The Feldstein-Horioka Relation in Turkey: an ARDL Bounds Testing Approach”, Problems and Perspectives in Management, 8(4), 29-36.
  • JANSEN, W. J. (1996), “Estimating Saving-Investment Correlations: Evidence for OECD Countries Based on an Error-Correction Model”, Journal of International Money and Finance, 15, 749-781.
  • KİM, H., OH, K., JEONG, C. (2005), “Panel Cointegration Results on International Capital Mobility in Asian Economies”, Journal of International Money and Finance, 24, 71-82.
  • KOLLIAS, C., MYLONIDIS, N., PALEOLOGOU, S. M. (2008), “International Review of Economics and Finance”, 17, 380-387.
  • KUMAR, S., RAO, B. B. (2009), A Time Series Approach to The Feldstein–Horioka Puzzle with Panel Data from the OECD Countries”, MPRA Paper, University Library of Munich, Germany.
  • MERCAN, M. (2014), “Feldstein-Horioka Hipotezinin AB-15 ve Türkiye Ekonomisi için Sınanması: Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Dinamik Panel Veri Analizi”, Ege Akademik Bakış, 14(2), 231-245.
  • MİLLER, S. M. (1988), “Are Saving and Investment Cointegrated?”, Economics Letters, 27, 31-34.
  • MORENO, R. (1997), “Saving-Investment Dynamics and Capital Mobility in the US and Japan”, Journal of International Money and Finance, 16, 837-863.
  • MURPHY, R. G. (1984), “Capital Mobility and The Relationship Between Saving and Investment ın OECD Countries”, Journal of International Money and Finance, 3, 327-342.
  • NARAYAN, P. K., NARAYAN, S. (2010), “Testing for Capital Mobility: New Evidence From a Panel of G7 Countries”, Research in International Business and Finance 24(1), 15-23.
  • NAZLIOĞLU, Ş. (2010), Makro İktisat Politikalarının Tarım Sektörü Üzerindeki Etkileri: Gelişmiş ve Gelişmekte Olan Ülkeler İçin Bir Karşılaştırma, (Yayınlanmamış Doktora Tezi), Kayseri: Erciyes Üniversitesi Sosyal Bilimler Enstitüsü.
  • OBSTFELD, M. (1985). “Capital Mobility in The World Economy: Theory and Measurement”, NBER Working Paper Series, Paper No: 4851.
  • OBSTFELD, M. (1986), “How Integrated Are World Capital Markets? Some New Tests”, NBER Working Paper Series, Paper No: 2075.
  • OBSTFELD, M., ROGOFF, K. (2000), “The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?”, Institute of Business and Economic Research, University of California, Berkley, Working Paper, No: c00-112
  • PESARAN, M. H. (2007), “A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence”, Journal of Applied Econometrics, 22(2), 265-312.
  • PESARAN, M. H., ULLAH, A., YAMAGATA, T. (2008), “A Bias‐Adjusted LM Test of Error Cross‐Section Independence”, The Econometrics Journal, 11(1), 105-127.
  • PELAGIDIS, T., MASTROYIANNIS, T. (2003), “The Saving-Investment Correlation in Greece, 1960-1997: Implications for Capital Mobility”, Journal of Policy Modeling, 25, 609-616.
  • PENATI, A., DOOLEY, M. (1984), “Current Account Imbalances and Capital Formation in Industrial Countries 1949-1981”, International Monetary Fund Staff Papers, 31, 1-24.
  • RAO, B. B., TAMAZIAN, A., KUMAR, S. (2010), “Systems GMM Estimates of The Feldstein-Horioka Puzzle for the OECD Countries and Tests for Structural Breaks”, Economic Modelling”, 27(5), 1269-1273.
  • SACHS, J. D. (1983), “Aspects of The Current Account Behavior of OECD Countries”, In: Claassen, E., Salin, P. (Eds.), Recent Issues in the Theory of Flexible Exchange Rates. North-Holland, Amsterdam.
  • SACHSIDA, A., CAETANO, M. (2000), “The Feldstein-Horioka Puzzle Revisited”, Economics Letters, 68, 85-88.
  • SEVÜKTEKİN, M., ÇINAR, M. (2014), Ekonometrik Zaman Serisi Analizi: EViews Uygulamalı, Genişletilmiş 4. Baskı, Dora Basın Yayın Dağıtım, Bursa.
  • SINHA, T., SINHA, D. (2004), “The Mother of All Puzzles Would not Go Away”, Economic Letters, 82, 259-267.
  • SINN, S. (1992), “Saving-Investment Correlations and Capital Mobility: on The Evidence from Annual Data”, The Economic Journal, 102, 1162-1170.
  • TATOĞLU, F. Y. (2012), Panel veri Ekonometrisi-Stata Uygulamalı, Beta Basım Yayım, İstanbul.
  • TATOĞLU, F. Y. (2013), İleri Panel Veri Analizi-Stata Uygulamalı (2. Baskı), Beta Basım Yayım, İstanbul.
  • TARI, R. (2010), Ekonometri (6. Baskı), Umuttepe Yayınları, Kocaeli.
  • TESAR, L. (1991), “Saving, Investment and International Capital Flows”, Journal of International Economics, 31, 55-78
  • UYGUR, E. (2012),“Türkiye’de Tasarrufların Seyri ve Etkileyen Bazı Unsurlar”, Türkiye Ekonomi Kurumu Tartışma Metni: 2012/108.
  • VAMVAKIDIS, A., WACZIARG, R. (1998), “Developing Countries and the Feldstein-Horioka Puzzle”, IMF Working Paper, No: 98/2.
  • MURTHY, V. N. R. (2009), “The Feldstein–Horioka Puzzle in Latin American and Caribbean Countries: a Panel Cointegration Analysis”, Journal of Economics and Finance, 33(2), 176-188.
  • YÜKSELER, Z. (2013), “Yatırım-Tasarruf Dengesi:Türkiye Uygulaması ve Sorunlar”, http://www.researchgate.net/publication/258808662. (Erişim: 01.07.2015).
  • WESTERLUND, J. (2008), “Panel Cointegration Tests of the Fisher Effect”, Journal of Applied Econometrics, 23(2), 193-233.
  • WESTERLUND, J., EDGERTON, D. L. (2007), “A Panel Bootstrap Cointegration Test”, Economics Letters, 97(3), 185-190.
Toplam 71 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Ömer Yalçınkaya Bu kişi benim

İbrahim Hüseyni

Yayımlanma Tarihi 13 Haziran 2016
Kabul Tarihi 26 Ekim 2015
Yayımlandığı Sayı Yıl 2016 Cilt: 31 Sayı: 1

Kaynak Göster

APA Yalçınkaya, Ö., & Hüseyni, İ. (2016). Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013). Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 31(1), 343-366. https://doi.org/10.24988/deuiibf.2016311479
AMA Yalçınkaya Ö, Hüseyni İ. Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013). Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. Haziran 2016;31(1):343-366. doi:10.24988/deuiibf.2016311479
Chicago Yalçınkaya, Ömer, ve İbrahim Hüseyni. “Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013)”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 31, sy. 1 (Haziran 2016): 343-66. https://doi.org/10.24988/deuiibf.2016311479.
EndNote Yalçınkaya Ö, Hüseyni İ (01 Haziran 2016) Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013). Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 31 1 343–366.
IEEE Ö. Yalçınkaya ve İ. Hüseyni, “Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013)”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 31, sy. 1, ss. 343–366, 2016, doi: 10.24988/deuiibf.2016311479.
ISNAD Yalçınkaya, Ömer - Hüseyni, İbrahim. “Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013)”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 31/1 (Haziran 2016), 343-366. https://doi.org/10.24988/deuiibf.2016311479.
JAMA Yalçınkaya Ö, Hüseyni İ. Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013). Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;31:343–366.
MLA Yalçınkaya, Ömer ve İbrahim Hüseyni. “Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013)”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 31, sy. 1, 2016, ss. 343-66, doi:10.24988/deuiibf.2016311479.
Vancouver Yalçınkaya Ö, Hüseyni İ. Tasarruf-Yatırım İlişkisi: Feldstein-Horioka Hipotezinin OECD Ülkeleri Açısından Değerlendirilmesi (1980-2013). Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;31(1):343-66.