Saving, investment and international capital mobility
An econometric checking of M. Feldstein and C. Horioka’s model over the period 1975-2003 in Gabon
DOI:
https://doi.org/10.59051/joaf.v11i1.343Keywords:
Investissement, Épargne, Mobilité internationale du capital, Intégration financière, Régression, CointégrationAbstract
This article relates to the econometric checking of M. Feldstein and C. Horioka’s model in Gabon. Like the study achieved by these two authors relatively to the measurement of the capital international mobility, it proposes to analyze, on the econometric plan, the relation Domestic Saving (S) – Domestic Investment (I) of Gabon over the period 1975-2003. Within this framework, it shows that Gabonese interior investment was indeed financed, during the period of study, by Gabonese interior savings. This situation supposes an imperfect international capital mobility or a weak degree of financial integration, main conclusion to which had also led M. Feldstein and C. Horioka.
Downloads
Download data is not yet available.
References
1. Feldstein, M. et Horioka, C. (1980). Domestic Saving and International Capital Flows, Economic Journal, vol. 90, n° 358, pp. 314-329.
2. Feldstein, M. (1983). Domestic Saving and International Capital Movements in the Long Run and in the Short Run, European Economic Review, vol. 21, issues 1–2, pp. 129-151.
3. Mace, G. et Pétry, F. (2000). Guide d’élaboration d’un projet de recherche, Pul, 134 pages.
4. Fortin, M-F. et al (2006). Fondements et étapes du processus de recherche, Canada, Chenelière Éducation, chapitre 10, pp. 174-177.
5. Kremer-Marietti, A. (2009). « Le paradigme scientifique : cadres théoriques, perception, mutation », Groupe d’Études et de Recherches Épistémologiques, Paris, 12 pages.
6. Cadoret, Isabelle, Catherine Benjamin et al (2004). Econométrie appliquée : Méthodes, Applications, Corrigés, De Boeck Universités, 447 pages.
7. Bourguinat, H. (1999). Finance internationale, après l’euro et les crises, Puf, 775 pages.
8. Bazen, S. et Sabatier, M. (2007). Économétrie, des fondements à la modélisation, Vuibert, 219 pages.
9. Dormont, B. (1999). Introduction à l’économétrie, Montchrestien, 450 pages.
10. Guay, J.-H. (2014). Statistiques en sciences humaines avec R, Pul, 238 pages.
11. Engle, R.-F. et C.W.J. Granger (1987). "Cointegration and Error-correction: representation, estimation and testing", Econometrica, vol. 55, n° 2, pp. 251-276.
12. Dickey, David A. et Wayne A. Fuller (1979). "Distribution of the estimators for autoregressive time series with unit root", Journal of the American Statistical Association, vol. 74, n° 366, pp. 427-431.
13. Dickey, D.-A, et W. A. Fuller (1981). "Likelihood ratio statistics for autoregressive time series with unit root", Econometrica, vol. 49, n° 4, pp. 1057-1072.
14. Johansen, S. (1998). "Statistical analysis of cointegration vectors", Journal of Economic Dynamics and Control, vol. 12, issues 2–3, pp. 231-254.
15. Johansen, S. et K. Juselius (1990). "Maximum likelihood estimation and inference on cointegration - with applications to the demand for money", Oxford Bulletin of Economics and Statistics, vol. 52, issue 2, pp. 169-210.
16. Bourbonnais, Régis. (2015). Econométrie, manuel et exercices corrigés, 9e édition, Dunod, 382 pages.
2. Feldstein, M. (1983). Domestic Saving and International Capital Movements in the Long Run and in the Short Run, European Economic Review, vol. 21, issues 1–2, pp. 129-151.
3. Mace, G. et Pétry, F. (2000). Guide d’élaboration d’un projet de recherche, Pul, 134 pages.
4. Fortin, M-F. et al (2006). Fondements et étapes du processus de recherche, Canada, Chenelière Éducation, chapitre 10, pp. 174-177.
5. Kremer-Marietti, A. (2009). « Le paradigme scientifique : cadres théoriques, perception, mutation », Groupe d’Études et de Recherches Épistémologiques, Paris, 12 pages.
6. Cadoret, Isabelle, Catherine Benjamin et al (2004). Econométrie appliquée : Méthodes, Applications, Corrigés, De Boeck Universités, 447 pages.
7. Bourguinat, H. (1999). Finance internationale, après l’euro et les crises, Puf, 775 pages.
8. Bazen, S. et Sabatier, M. (2007). Économétrie, des fondements à la modélisation, Vuibert, 219 pages.
9. Dormont, B. (1999). Introduction à l’économétrie, Montchrestien, 450 pages.
10. Guay, J.-H. (2014). Statistiques en sciences humaines avec R, Pul, 238 pages.
11. Engle, R.-F. et C.W.J. Granger (1987). "Cointegration and Error-correction: representation, estimation and testing", Econometrica, vol. 55, n° 2, pp. 251-276.
12. Dickey, David A. et Wayne A. Fuller (1979). "Distribution of the estimators for autoregressive time series with unit root", Journal of the American Statistical Association, vol. 74, n° 366, pp. 427-431.
13. Dickey, D.-A, et W. A. Fuller (1981). "Likelihood ratio statistics for autoregressive time series with unit root", Econometrica, vol. 49, n° 4, pp. 1057-1072.
14. Johansen, S. (1998). "Statistical analysis of cointegration vectors", Journal of Economic Dynamics and Control, vol. 12, issues 2–3, pp. 231-254.
15. Johansen, S. et K. Juselius (1990). "Maximum likelihood estimation and inference on cointegration - with applications to the demand for money", Oxford Bulletin of Economics and Statistics, vol. 52, issue 2, pp. 169-210.
16. Bourbonnais, Régis. (2015). Econométrie, manuel et exercices corrigés, 9e édition, Dunod, 382 pages.
Downloads
Published
2020-06-30
How to Cite
Okoué EDOU, J. J. (2020). Saving, investment and international capital mobility: An econometric checking of M. Feldstein and C. Horioka’s model over the period 1975-2003 in Gabon. Journal of Academic Finance, 11(1), 56–69. https://doi.org/10.59051/joaf.v11i1.343
Issue
Section
Articles
License
Copyright (c) 2020 Jacques Janvier Okoué Edou
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
