Venue: Mandarin Orchard Singapore, Singapore
He presented his research results entitled “Empirical Examinations of the Feldstein-Horioka puzzle: Common Factor Panel and Interval Estimation Approach” on the first day.
The following are the details.
Empirical Examinations of the Feldstein-Horioka puzzle: Common Factor Panel and Interval Estimation Approach
(Isamu GINAMA, Kazuhiko HAYAKAWA and Takahiro KANMEI)
The Feldstein-Horioka puzzle is empirically examined using the national data of the twenty four OECD countries, and the regional data of Japan, Indonesia, and the Philippines. The common factor panel methods are applied to the OECD countries, Japan, and Indonesia. A different method to remove the influences affecting both savings and investment rates simultaneously except intranational capital flows by regression analysis is used for the Philippines due to the limited availability of the regional data. The statistically significant evidence for the existence of the puzzle is represented for OECD countries, but evidence in accord with mobile intranational capital flows is obtained
for the regional data of Japan, and Indonesia. The bootstrap BCa confidence intervals of the correlation coefficient between savings and investment rates reveal the similar results for the regional data of the Philippines.
Chair: Peter Wilson, Singapore Management University [Room: 835]
- Empirical Examinations of the Feldstein-Horioka puzzle: Common Factor Panel and Interval
Isamu GINAMA, Kazuhiko HAYAKAWA(Hiroshima University) and Takahiro KANMEI(Hiroshima University of Economics)