Saving-Investment Relationship in the Scope of Feldstein-Horioka Paradox: Panel ARDL Analysis on Fragile Five Countries

Nalan Kangal

Makale detayları

Saving-Investment Relationship in the Scope of Feldstein-Horioka Paradox: Panel ARDL Analysis on Fragile Five Countries

Yazarlar:

Nalan Kangal

Yayıncı:

Kütahya Dumlupinar University

Ana Başlıklar:

Finans

Dergi:

Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 78, pp.135-148

Belge Tipi:

Makale

Yayın Tarihi:

10/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001302318

pISSN:

1302-1842

Anahtar kelimeler:

Özet:

 The strong relationship between domestic saving and investment in the presence of international capital mobility has been termed the Feldstein-Horioka Paradox FHP. The study examines the FHPs validity in the Fragile Five countries between 1960-2021. For this purpose, the Panel ARDL method was used in the analysis. The analysis reveals a statistically significant and positive relationship between saving and investment in the long run and a statistically significant but negative relationship between investment and saving in the short run in the Fragile Five countries. When the results are evaluated for each country individually, a statistically significant and negative relationship is found in India and Indonesia in the short run. In contrast, no considerable coefficients are found in other countries in the short run. As a result of the study, the validity of the FHP in the long run in the Fragile Five countries is revealed and the findings are evaluated.

 The strong relationship between domestic saving and investment in the presence of international capital mobility has been termed the Feldstein-Horioka Paradox FHP. The study examines the FHPs validity in the Fragile Five countries between 1960-2021. For this purpose, the Panel ARDL method was used in the analysis. The analysis reveals a statistically significant and positive relationship between saving and investment in the long run and a statistically significant but negative relationship between investment and saving in the short run in the Fragile Five countries. When the results are evaluated for each country individually, a statistically significant and negative relationship is found in India and Indonesia in the short run. In contrast, no considerable coefficients are found in other countries in the short run. As a result of the study, the validity of the FHP in the long run in the Fragile Five countries is revealed and the findings are evaluated.

 The strong relationship between domestic saving and investment in the presence of international capital mobility has been termed the Feldstein-Horioka Paradox FHP. The study examines the FHPs validity in the Fragile Five countries between 1960-2021. For this purpose, the Panel ARDL method was used in the analysis. The analysis reveals a statistically significant and positive relationship between saving and investment in the long run and a statistically significant but negative relationship between investment and saving in the short run in the Fragile Five countries. When the results are evaluated for each country individually, a statistically significant and negative relationship is found in India and Indonesia in the short run. In contrast, no considerable coefficients are found in other countries in the short run. As a result of the study, the validity of the FHP in the long run in the Fragile Five countries is revealed and the findings are evaluated.

 Uluslararası sermaye hareketliliğinin varlığında yurt içi tasarruf ile yatırım arasındaki güçlü ilişki Feldstein-Horioka Paradoksu FHP olarak isimlendirilmiştir. Çalışmanın amacı Kırılgan Beşli ülkelerinde 1960-2021 yılları arasındaki FHPnin geçerliliğini incelemektir. Bunun için çalışmada Panel ARDL yöntemi ile analiz yapılmıştır. Analiz ile Kırılgan Beşli ülkelerinde uzun dönemde tasarruf ile yatırım arasında istatistiki olarak anlamlı ve pozitif ilişki, kısa dönem ise yatırım ve tasarruf arasında istatistiki olarak anlamlı fakat negatif bir ilişki tespit edilmiştir. Her ülke için sonuçlar tek tek değerIendirildiğinde ise kısa dönemse Hindistan ve Endonezya ülkelerinde istatistiki olarak anlamlı ve negatif ilişki elde edilirken diğer ülkelerde kısa dönemde anlamlı katsayılar elde edilememiştir. Çalışma sonucunda FHPnin Kırılgan Beşli ülkelerinde uzun dönemde geçerliliği ortaya konarak bulgular değerlendirilmiştir.

Makale detayları

Saving-Investment Relationship in the Scope of Feldstein-Horioka Paradox: Panel ARDL Analysis on Fragile Five Countries

Yazarlar:

Nalan Kangal

Yayıncı:

Kütahya Dumlupinar University

Ana Başlıklar:

Finans

Dergi:

Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 78, pp.135-148

Belge Tipi:

Makale

Yayın Tarihi:

10/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001302318

pISSN:

1302-1842

Feldstein-Horioka Hypothesis

savings

investment

panel ARDLFeldstein ve Horioka Paradoksu

tasarruf

yatırım

panel ARDL.

Sayı

Makale detayları

Yazarlar: Nalan Kangal

Yayıncı: Kütahya Dumlupinar University

Ana Başlıklar: Finans

Dergi: Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 78, pp.135-148

Belge Tipi: Makale

Yayın Tarihi: 10/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001302318

pISSN: 1302-1842

Sayı

Yazarlar:

Nalan Kangal

Yayıncı:

Kütahya Dumlupinar University

Ana Başlıklar:

Finans

Dergi:

Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Issue 78, pp.135-148

Belge Tipi:

Makale

Yayın Tarihi:

10/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001302318

pISSN:

1302-1842