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Autor:innen: 
Rossini, Gianpaolo
Zanghieri, Paolo
Datum: 
2002
Schriftenreihe/Nr.: 
Quaderni - Working Paper DSE No. 438
Verlag: 
Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE), Bologna
Zusammenfassung: 
The Feldstein-Horioka puzzle has been recently included among the six major puzzles of international economics. It is a paradox that belongs to the large group of home biases that have become stylized facts. We investigate the F-H puzzle according to di¤erent definitions of Europe and by introducing a more suitable investment variable that results after netting out FDI. We find that the F-H coeficient decreases in all cases in whcih we adopt the correct investment definition. Over time we see a decrease of the F-H coeficient during the 1980's and an increase over the 1990's as a proof that the Maastricht Treaty discipline has made current account targeting biting. This does not happen for opting out and Eastern Europe countries.
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
https://creativecommons.org/licenses/by-nc/3.0/
Dokumentart: 
Working Paper

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