Regional integration, capital mobility and financial intermediation revisited: Application of general to specific method in panel data

Saten Kumar1
1Auckland University of Technology, Auckland, New Zealand

Tài liệu tham khảo

Alexakis, 1992, The Feldstein–Horioka puzzle and exchange rate regimes: evidence from co-integration tests, J. Policy Model., 16, 459, 10.1016/0161-8938(94)90023-X Apergis, 2009, A survey on the Feldstein–Horioka puzzle: what has been done and where we stand, Res. Econ., 63, 64, 10.1016/j.rie.2009.05.001 Argimon, 1994, Saving, investment and international capital mobility in EC countries, Eur. Econ. Rev., 38, 59, 10.1016/0014-2921(94)90005-1 Artis, 1991, Global financial integration and current account imbalances Bahmani-Oskooee, 2005, Openness, size, and the saving–investment relationship, Econ. Syst., 29, 283, 10.1016/j.ecosys.2005.06.001 Bai, 1998, Estimating and testing linear models with multiple structural changes, Econometrica, 66, 47, 10.2307/2998540 Baltagi, 1991, A joint test for serial correlation and random individual effects, Stat. Probab. Lett., 11, 277, 10.1016/0167-7152(91)90156-L Baltagi, 1995, Testing AR(1) against MA(1) disturbances in an error component model, J. Econometr., 68, 133, 10.1016/0304-4076(94)01646-H Baxter, 1993, Explaining saving/investment correlations, Am. Econ. Rev., 83, 416 Bordo, 2012, Historical evidence on the finance-trade-growth nexus, J. Bank. Finance, 36, 1236, 10.1016/j.jbankfin.2011.11.012 Byrne, 2009, The global side of the investment–saving puzzle, J. Money Credit Bank., 41, 1033, 10.1111/j.1538-4616.2009.00244.x Cadoret, 2001, The saving investment relation: a panel data approach, Appl. Econ. Lett., 8, 517, 10.1080/13504850010023107 Carrion-i-Silvestre, 2005, Breaking the panels: an application to real GDP per capita, Econometr. J., 8, 159, 10.1111/j.1368-423X.2005.00158.x Chakrabarti, 2006, The saving–investment relationship revisited: new evidence from multivariate heterogeneous panel co-integration analyses, J. Comp. Econ., 34, 402, 10.1016/j.jce.2006.02.001 Christopoulos, 2007, A reassessment of the Feldstein–Horioka hypothesis of perfect capital mobility: evidence from historical data, Empirica, 34, 273, 10.1007/s10663-007-9044-1 Coakley, 2004, Is the Feldstein–Horioka puzzle history?, Manchester School, 72, 569, 10.1111/j.1467-9957.2004.00409.x Coakley, 2001 Coakley, 1999, Saving, investment, and capital mobility in LDCs, Rev. Int. Econ., 7, 632, 10.1111/1467-9396.00188 Coakley, 1997, Cointegration of long span saving and investment, Econ. Lett., 54, 1, 10.1016/S0165-1765(96)00920-2 Coakley, 1996, Current account solvency and the Feldstein–Horioka puzzle, Econ. J., 106, 620, 10.2307/2235567 Coakley, 1998, The Feldstein–Horioka puzzle and capital mobility: a review, Int. J. Finance Econ., 3, 169, 10.1002/(SICI)1099-1158(199804)3:2<169::AID-IJFE74>3.0.CO;2-H Coiteux, 2000, The saving retention coefficient in the long run and in the short run: evidence from panel data, J. Int. Money Finance, 19, 535, 10.1016/S0261-5606(00)00014-0 Corbin, 2001, Country specific effect in the Feldstein–Horioka paradox: a panel data analysis, Econ. Lett., 72, 297, 10.1016/S0165-1765(01)00447-5 Deidda, 2008, Banks, financial markets and growth, J. Financ. Intermed., 17, 6, 10.1016/j.jfi.2006.04.003 Di Iorio, 2007, Testing for breaks in cointegrated panels – with an application to the Feldstein–Horioka puzzle, Economics, 1, 1, 10.5018/economics-ejournal.ja.2007-14 Dooley, 1987, International capital mobility in developing countries vs. industrial countries: what do the savings–investment correlations tell us?, IMF Staff Pap., 34, 503, 10.2307/3867094 Driscoll, 1998, Consistent covariance matrix estimation with spatially dependent panel data, Rev. Econ. Stat., 80, 549, 10.1162/003465398557825 Dumitrescu, 2012, Testing for Granger non-causality in heterogeneous panels, Econ. Model., 29, 1450, 10.1016/j.econmod.2012.02.014 Feldstein, 1983, Domestic saving and international capital movements in the long-run and the short-run, Eur. Econ. Rev., 21, 129, 10.1016/S0014-2921(83)80012-9 Feldstein, 1991 Feldstein, 1980, Domestic saving and international capital flows, Econ. J., 90, 314, 10.2307/2231790 Fouquau, 2009, The Feldstein–Horioka puzzle: a panel smooth transition regression approach, Econ. Model., 25, 284, 10.1016/j.econmod.2007.06.008 Genberg, 1992, Saving, investment and the current account, Scand. J. Econ., 94, 347, 10.2307/3440459 Ghosh, 1995, International capital mobility among the major industrialized countries: too little or too much, Econ. J., 105, 107, 10.2307/2235322 Ghosh, 1988 Goldberg, 1995, Speed of adjustment of the current account: an international comparison, Appl. Econ., 27, 1017, 10.1080/00036849500000083 Golub, 1990, International capital mobility: net versus gross stocks and flows, J. Int. Money Finance, 9, 424, 10.1016/0261-5606(90)90020-Z Greene, 2000 Greene, 2008 Hadri, 2000, Testing for stationarity in heterogeneous panel data, Econometr. J., 3, 148, 10.1111/1368-423X.00043 Hasan, 2009, Institutional development, financial deepening and economic growth: evidence from China, J. Bank. Finance, 33, 157, 10.1016/j.jbankfin.2007.11.016 Hendry, 1995 Herwartz, 2009, Panel data model comparison for empirical saving–investment relations, Appl. Econ. Lett., 16, 803, 10.1080/13504850701221949 Ho, 2001, Country size and investment–saving correlation: a panel threshold error correction model, East. Econ. J., 27, 481 Hoechle, 2007, Robust standard errors for panel regressions with cross-sectional dependence, Stata J., 7, 281, 10.1177/1536867X0700700301 Hoffmann, 2004, International capital mobility in the long run and the short run: can we still learn from saving–investment data?, J. Int. Money Finance, 23, 113, 10.1016/j.jimonfin.2003.08.006 Hussein, 1998, International capital mobility in OECD countries: the Feldstein–Horioka “puzzle” revisited, Econ. Lett., 59, 237, 10.1016/S0165-1765(98)00045-7 Jansen, 1998, Interpreting saving–investment correlations, Open Econ. Rev., 9, 205, 10.1023/A:1008264300142 Jansen, 1996, Estimating saving–investment correlations: evidence for OECD countries based on an error correction model, J. Int. Money Finance, 15, 749, 10.1016/0261-5606(96)00034-4 Kendall, 2012, Local financial development and growth, J. Bank. Finance, 36, 1548, 10.1016/j.jbankfin.2012.01.001 Kim, 2001, The Saving–investment correlation puzzle is still a puzzle, J. Int. Money Finance, 20, 1017, 10.1016/S0261-5606(01)00030-4 Kim, 2005, Panel cointegration results on international capital mobility in Asian countries, J. Int. Money Finance, 24, 71, 10.1016/j.jimonfin.2004.10.006 King, 1993, Financial intermediation and economic development, 156 Krol, 1996, International capital mobility: evidence from panel data, J. Int. Money Finance, 15, 467, 10.1016/0261-5606(96)00014-9 Kumar, 2014, Money demand income elasticity in advanced and developing countries: new evidence from meta-analysis, Appl. Econ., 46, 1873, 10.1080/00036846.2014.887195 Kumar, 2011, A time-series approach to the Feldstein–Horioka puzzle with panel data from the OECD countries, World Econ., 34, 473, 10.1111/j.1467-9701.2010.01326.x Kumar, 2012, Testing the validity of the Feldstein–Horioka puzzle for Australia, Appl. Econ., 44, 599, 10.1080/00036846.2010.511993 Kwiatkowski, 1992, Testing the null hypothesis of stationarity against the alternative of a unit root, J. Econometr., 54, 159, 10.1016/0304-4076(92)90104-Y Levine, 1999, Law, finance and economic growth, J. Financ. Intermed., 8, 8, 10.1006/jfin.1998.0255 Liu, 1996, International intertemporal solvency in industrial countries: evidence and implications, South. Econ. J., 62, 739, 10.2307/1060891 Mancini-Griffoli, 2006 Mark, 2003, Cointegration vector estimation by Panel DOLS and long-run money demand, Oxf. Bull. Econ. Stat., 65, 655, 10.1111/j.1468-0084.2003.00066.x Miller, 1998, Are saving and investment co-integrated?, Econ. Lett., 27, 31, 10.1016/0165-1765(88)90215-7 Murphy, 1984, Capital mobility and the relationship between saving and investment in OECD countries, J. Int. Money Finance, 3, 327, 10.1016/0261-5606(84)90017-2 Murthy, 2007, Feldstein Horioka puzzle in Latin American and Caribbean countries: evidence from likelihood based cointegration tests in heterogeneous panels, Int. Res. J. Finance Econ., 11, 112 Obstfeld, 1995, International capital mobility in the 1990s Obstfeld, 1986, Capital mobility in the world economy: theory and measurement, Carnegie-Rochester Conf. Ser. Public Policy, 24, 55, 10.1016/0167-2231(86)90005-9 Obstfeld, 2000, The six major puzzles in international macroeconomics: is there a common cause?, NBER Macroecon. Annu., 15, 340, 10.1086/654423 Oh, 1999, Savings–investment co-integration in panel data, Appl. Econ. Lett., 6, 477, 10.1080/135048599352763 Pedroni, 2004, Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis, Econometr. Theory, 3, 579 Pelgrin, 2004 Penati, 1984, Current account imbalances and capital formation in industrial countries: 1948–1981, IMF Staff Pap., 31, 1, 10.2307/3866976 Perron, 1989, The great crash, the oil price shock and the unit root hypothesis, Econometrica, 57, 1361, 10.2307/1913712 Perron, 1997, Further evidence on breaking trend functions in macroeconomic variables, J. Econometr., 80, 355, 10.1016/S0304-4076(97)00049-3 Pesaran, 1999, Pooled mean group estimation of dynamic heterogeneous panels, J. Am. Stat. Assoc., 94, 621, 10.1080/01621459.1999.10474156 Rao, 2007, Estimating short and long-run relationships: a guide for the applied economist, Appl. Econ., 39, 1613, 10.1080/00036840600690256 Rao, 2011, Determinants of the long-run growth rate of Bangladesh, Appl. Econ. Lett., 18, 655, 10.1080/13504851003800760 Rao, 2011, Is the US demand for money unstable?, Appl. Financ. Econ., 21, 1263, 10.1080/09603107.2011.568395 Rao, 2010, Systems GMM estimates of the Feldstein–Horioka puzzle for the OECD countries and tests for structural breaks, Econ. Model., 27, 1269, 10.1016/j.econmod.2010.02.002 Schmidt, 2003, Savings and investment in Australia, Appl. Econ., 35, 99, 10.1080/0003684022000015928 Sinn, 1992, Saving–investment correlations and capital mobility: on the evidence from annual data, Econ. J., 102, 1162, 10.2307/2234383 Tadesse, 2002, Financial architecture and economic performance: international evidence, J. Financ. Intermed., 11, 429, 10.1006/jfin.2002.0352 Tesar, 1991, Saving, investment and international capital flows, J. Int. Econ., 31, 55, 10.1016/0022-1996(91)90056-C Tsung-wu, 2002, The Feldstein–Horioka puzzle revisited, J. Int. Money Finance, 21, 555, 10.1016/S0261-5606(02)00005-0 Uctum, 1990 Westerlund, 2006, Testing for panel cointegration with multiple structural breaks, Oxf. Bull. Econ. Stat., 68, 101, 10.1111/j.1468-0084.2006.00154.x Westerlund, 2007, Testing for error correction in panel data, Oxf. Bull. Econ. Stat., 69, 709, 10.1111/j.1468-0084.2007.00477.x Wooldridge, 2002