The Global Side of the Investment-Saving Puzzle

Giorgio Fazio, Joseph P. Byrne

Risultato della ricerca: Article

16 Citazioni (Scopus)

Abstract

In this paper, we reexamine the long-standing and puzzling correlation between national saving and investment in industrial countries. We apply an econometric methodology that allows us to separate idiosyncratic correlation at the country level from correlation at the global level. In a major break with the existing literature, we find no evidence of a long-run relationship in the idiosyncratic components of saving and investment. We also find that the global components in saving and investments commove, indicating that they react to shocks of a global nature.
Lingua originaleEnglish
pagine (da-a)1033-1040
Numero di pagine8
RivistaJOURNAL OF MONEY, CREDIT, AND BANKING
Volume2009-08
Stato di pubblicazionePublished - 2009

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics

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