MUSTAFA KIZILTAN, Anna GOLOVKO, AHMET BURÇİN YERELİ

Feldstein-Horioka Bulmacası: İkinci Nesil Panel Eşbütünleşme Analizi

Bu çalışmada 1980-2014 dönemi için yatırım-tasarruf ilişkisi gelişmişlik seviyesine göre ülke grupları açısından toplulaştırılmış verilere dayanılarak ikinci nesil panel birim kök ve eşbütünleşme testleri yardımı ile analiz edilecektir. Bu amaçla yatırım-tasarruf ilişkisi konusunda kısa ve uzun dönem ilişkileri incelemek için sağlam bir araç olan Feldstein-Horioka Bulmacası çerçevesinde bir analiz yapılmıştır. Analiz sonuçları beklentilere paralel olarak sermaye hareketliliğinin ülke grupları arasında gelişmişlik düzeyine bağlı olarak farklılaştığını açık bir şekilde ortaya koymaktadır.

Anahtar Kelimeler:

Sermaye Hareketliliği, Yatırım ve Tasarruf, Feldstein-Horioka Bulmacası, Panel Veri Analizi

Feldstein-Horioka Puzzle: Second Generation Panel Cointegration Analysis

In this study, investment-saving relationship for the period of 1980-2014 will be analyzed by second generation panel cointegration techniques based on aggregated data of country groups according to their development level. For this purpose, Feldstein-Horioka Puzzle analysis was conducted as a robust tool for examining short and long term relationships in investment-saving relationship. The results of the analysis clearly show that, as parallel to the expectations, capital mobility varies depending on the level of development among groups of countries

Keywords:

Capital Mobility, Investment and Saving, Feldstein-Horioka Puzzle Panel Data Analysis,

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