covid
Buscar en
Cuadernos de Economía
Toda la web
Inicio Cuadernos de Economía ¿Se está rompiendo el mercado español? Una aplicación del enfoque de Feldste...
Journal Information
Vol. 34. Issue 95.
Pages 85-95 (May - August 2011)
Share
Share
Download PDF
More article options
Vol. 34. Issue 95.
Pages 85-95 (May - August 2011)
Full text access
¿Se está rompiendo el mercado español? Una aplicación del enfoque de Feldstein-Horioka
Is the Spanish market breaking down? The Feldstein-Horioka approach
Visits
5125
Saúl de Vicente Queijeiro
Corresponding author
saulvq@gmail.com

Autor para correspondencia.
, José Luis Pérez Rivero, María Rosalía Vicente Cuervo
Departamento de Economía Aplicada, Facultad de Ciencias Económicas y Empresariales, Universidad de Oviedo, Oviedo, España
This item has received
Article information
Resumen

Desde el retorno a la Democracia con la Constitución de 1978, España ha experimentado un proceso de descentralización administrativa y política, que ha dotado al estado de una estructura cuasi-federal. Este es un proceso aún inacabado y ha hecho surgir tensiones de signos opuestos. Por un lado, algunos grupos políticos de carácter nacionalista reclaman llevar este proceso hasta su extremo, ejerciendo la autodeterminación. Por otro, se han alzado algunas voces indicando que la descentralización ha ido demasiado lejos y está originando la fragmentación del mercado español, poniendo en peligro la asignación eficiente de los recursos. Este trabajo trata de comprobar si existen indicios empíricos sobre la posible fragmentación del mercado interior utilizando, para ello, el enfoque de Feldstein y Horioka, según el cual la movilidad perfecta del capital, es decir, la plena integración financiera, implicaría que no existe relación entre las tasas de ahorro e inversión de las diferentes comunidades autónomas.

Palabras clave:
Movilidad de capital
Integración financiera
Abstract

Since the return to democracy with the 1978 Constitution, Spain has experienced a process of political and administrative decentralization, which has acquired the status of a quasi-federal structure. This, process, still incomplete, has lead to opposite signs tensions. On the one hand, some nationalist political groups claim to bring this process to its extreme, exercising self-determination. On the other hand, some voices have arisen suggesting that decentralization has gone too far and is causing fragmentation of the Spanish market, jeopardizing the efficient allocation of resources. This paper tries to check on the existence of empirical evidence about the possible fragmentation of the internal market, using for this purpose the approach of Feldstein and Horioka, which provides that perfect capital mobility (financial integration), imply that there is no correlation between saving and investment rates of different regions.

Keywords:
Capital mobility
Financial integration
Full text is only aviable in PDF
Bibliografía
[Abbott and De Vita, 2002]
A.J. Abbott, G. De Vita.
Are saving and investement cointegrated? An ARDL bounds testing approach.
Economics Letters, 77 (2002), pp. 293-299
[Abbott and De Vita, 2003]
A.J. Abbott, G. De Vita.
Another piece in the Feldstein-Horioka puzzle.
Scottish Journal of Political Economy, 50 (2003), pp. 69-89
[Adedeji and Thornton, 2008]
O. Adedeji, J. Thornton.
International capital mobility: evidence from panel cointegration tests.
Economics Letters, 99 (2008), pp. 349-352
[Apergis and Tsoumas, 2009]
N. Apergis, C. Tsoumas.
A survey of the Feldstein-Horioka puzzle: what has been done and where we stand.
Research in Economics, 63 (2009), pp. 64-76
[Bahmami-Oskooee and Chakrabarti, 2005]
M. Bahmami-Oskooee, A. Chakrabarti.
Openess, size, and the saving-investment relationship.
Economic System, 29 (2005), pp. 283-293
[Bayoumi and Rose, 1993]
T. Bayoumi, A. Rose.
Domestic savings and intra-national capital flows.
European Economic Review, 37 (1993), pp. 1197-1202
[Coakley et al., 2004]
J. Coakley, A.M. Fuertes, F. Spagnolo.
Is the Feldstein-Horioka puzzle history?.
The Manchester School, 72 (2004), pp. 569-590
[Coakley et al., 1996]
J. Coakley, F. Kulasi, R. Smith.
Current account solvency and the Feldstein-Horioka puzzle.
The Economic Journal, 106 (1996), pp. 620-627
[Coakley et al., 1998]
J. Coakley, F. Kulasi, R. Smith.
The Feldstein-Horioka puzzle and capital mobility: a review.
International Journal of Finance and Economics, 3 (1998), pp. 169-188
[De Vicente et al., 2009]
De Vicente, S., Pérez, J.L., Vicente, M.R., 2009. ¿Se está rompiendo el mercado español? Una aplicación del enfoque de Feldstein-Horioka. Documento de trabajo Funcas n.° 461.
[Dekle, 1996]
R. Dekle.
Saving-investment associations and capital mobility.
Journal of International Economics, 41 (1996), pp. 53-72
[Dooley et al., 1987]
M. Dooley, J. Frankel, D.J. Mathieson.
International capital mobility. What do saving-investment correlation tell us?.
IMF Staff Papers, 34 (1987), pp. 503-530
[Feldstein and Bacchetta, 1989]
Feldstein, M., Bacchetta, P., 1989. National saving and international investment”. National Boureau of Economic Research, 1–29. NBER Working Paper No. 3164.
[Feldstein and Horioka, 1980]
M. Feldstein, C. Horioka.
Domestic saving and international capital flows.
The Economic Journal, 90 (1980), pp. 314-329
[Giannone and Lenza, 2008]
D. Giannone, M. Lenza.
The Feldstein-Horioka fact.
ECB Working Paper No. 873, (2008),
[Harberger, 1980]
A.C. Harberger.
Vignettes on the world capital market.
American Economic Review Papers and Proceedings, 70 (1980), pp. 331-337
[Hellyiwell. and Mckitrick, 1999]
J.F. Hellyiwell, R. Mckitrick.
Comparing capital mobility across provincial and national borders.
Canadian Journal of Economics, 32 (1999), pp. 1165-1173
[Hericourt and Maurel, 2005a]
J. Hericourt, M. Maurel.
Another brick in the Feldstein-Horioka wall: an analysis on European regional data.
University of Paris Working Papers, (2005),
[Hericourt and Maurel, 2005b]
J. Hericourt, M. Maurel.
The Felsdtein-Horioka puzzle revisited: an ‘European-regional’ perspective.
William Davidson Institute Working Paper No. 763, (2005),
[Ho, 2002]
T.W. Ho.
The Feldstein-Horioka puzzle revisited.
Journal of International Money and Finance, 21 (2002), pp. 555-564
[Iwamoto and Van Wincoop, 2000]
Y. Iwamoto, E. Van Wincoop.
Do borders matter? Evidence from Japanese regional net capital flows.
International Economic Review, 41 (2000), pp. 241-269
[Jansen, 1998]
W.J. Jansen.
Interpreting saving-investment correlations.
Open Economic Review, 9 (1998), pp. 205-217
[Jansen and Schulze, 1996]
W.J. Jansen, G.G. Schulze.
Theory-based measurement of the saving-investment correlation with and application to Norway.
Economic Inquiry, 34 (1996), pp. 116-132
[Kalyoncu, 2007]
H. Kalyoncu.
Saving-investment correlations and capital mobility in OECD countries: an error correction analysis.
Applied Economics Letters, 14 (2007), pp. 567-601
[Kao, 1999]
C. Kao.
Spurious regression and residual-based tests for cointegration in panel data.
Journal of Econometrics, 90 (1999), pp. 1-44
[Kim et al., 2005]
H. Kim, K.Y. Oh, C.W. Jeong.
Panel cointegration results on international capital mobility in Asian economies.
Journal of International Money and Finance, 24 (2005), pp. 71-82
[Levy, 2004]
D. Levy.
Is the Feldstein-Horioka puzzle really a puzzle?.
Bar-Ilan University and Emory Universit Working Papers, (2004),
[López-Bazo et al., 2002]
E. López-Bazo, T. Del Barrio, M. Artís.
La distribución provincial del desempleo en España.
Papeles de Economía Española, 93 (2002), pp. 195-209
[López i Casasnovas and Pons Novell, 2005]
G. López i Casasnovas, Y. Pons Novell.
Análisis de la redistribución entre las comunidades autónomas: criterios de evaluación y propuesta de nuevos principios básicos.
Universitat Autònoma de Barcelona, (2005),
[Miller, 1988]
S.M. Miller.
Are saving and investment co-integrated?.
Economics Letters, 27 (1988), pp. 31-34
[Ministerio de Economía and Hacienda, 2008]
Ministerio de Economía y Hacienda, 2008. Balanzas fiscales.
[Murphy, 1984]
R.G. Murphy.
Capital mobility and the relationship between saving and investment rates in OECD countries.
Journal of International Money and Finance, 3 (1984), pp. 327-342
[Murthy, 2007]
Murthy, V., 2007. Panel cointegration analysis: an empirical example. En: Rao, (Ed.), Cointegration for applied economist. p. 222–243.
[Nell and Santos, 2008]
K.S. Nell, L.D. Santos.
The Feldstein-Horioka hypothesis versus the long-run solvency constraint model: a critical assessment..
Economics Letters, (2008),
[Obstfeld, 1985]
M. Obstfeld.
Capital Mobility in the world economy: theory and measurement.
NBER Working Paper No. 1692, (1985),
[Obstfeld, 1993]
M. Obstfeld.
International capital mobility in the 1990s.
NBER Working Paper No. 4534, (1993),
[Obstfeld and Rogoff, 2000]
M. Obstfeld, K. Rogoff.
The six major puzzles in the international macroeconomics: is there a common cause.
NBER Working Paper No. 7777, (2000),
[Obstfeld and Taylor, 2004]
M. Obstfeld, A.M. Taylor.
Global capital markets. Integration, crisis and growth.
Cambridge University Press, (2004),
[Pedroni, 1995]
P. Pedroni.
Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis.
Indiana University Working Papers in Economics, (1995),
[Pedroni, 2000]
P. Pedroni.
Fully modified OLS for heterogeneous cointegrated panels.
Panel Cointegration and Dynamic Panels, 15 (2000), pp. 93-130
[Sarno and Taylor, 1998]
L. Sarno, M.T. Taylor.
Saving-investment correlations: transitory vs permanent.
The Manchester School Supplement, 25 (1998), pp. 17-38
[Sinn, 1992]
S. Sinn.
Saving-investment correlations and capital mobility: on the evidence from annual data.
The Economic Journal, 102 (1992), pp. 1162-1170
[Tesar, 1991]
L. Tesar.
Savings, investment and international capital flows.
Journal of International Economics, 31 (1991), pp. 55-78
[Thomas, 1993]
A.H Thomas.
Saving, investment, and the regional current account: an analysis of Canadian.
British and German regions, IMF Working paper No. 62, (1993),
[Van Wincoop, 2000]
Van Wincoop, E., 2000. Intranational versus international saving-investment comovements. En: Hess, Van Wincoop, (Eds.), Intranational macroeconomics.
[Yamori, 1995]
N. Yamori.
The relationship between domestic savings and investment: the Felsdtein-Horioka test using Japanese regional data.
Economics Letters, 48 (1995), pp. 361-366
Copyright © 2011. Asociación Cuadernos de Economía
Download PDF
Article options