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Feldstein-Horioka Bilmecesinin Gelişmiş Ülke Ekonomileri Açısından Değerlendirilmesi: Panel Veri Analizi

The Puzzle of Feldstein-Horioka Evaluation of Advanced Economies: A Panel Data Analysis

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Abstract (2. Language): 
The aim of this study is examine the relationship between investment and saving for G7 countries (United States, United Kingdom, Canada, Japan, Italy, France, and Germany) which are classified development countries. Within the scope of the empirical model, primarily heterogeneity of variables studied by using Delta test (Pesaran and Yamagata, 2008). Then, withal test, it’s decided that model has a cross section dependency. Series were examined by the second generation unit root test (CADF test). After the existence of the cointegration relationship between the series proved by using the Westurlund ECM cointegration test, long-term regression coefficients were estimated by Common Correlated Effects Model. According to the empirical results, for G7 countries capital mobility is comparatively higher.
Abstract (Original Language): 
Bu çalışmanın amacı G7 gelişmiş ekonomiler olarak tanımlanan 7 ülke (Amerika, İngiltere, Kanada, Japonya, İtalya, Fransa, Almanya) kapsamında yatırım ve tasarruf ilişkisini incelemektir. Panel veri analizinin kullanıldığı ampirik model kapsamında, öncelikle değişkenlerin hetorejenliği delta testi [Pesaran ve Yamagata (2008)] aracılığı ile incelenmiştir. Ardından, testi ile yatay kesit bağımlılığının gözlendiğine karar verilen bu modelde, ikinci nesil birim kök testleri [Pesaran CADF(2007), Hadri-Kurozumi (2012)] yardımıyla serilerin durağanlığı araştırılmıştır. Değişkenler arası eşbütünleşik ilişkinin varlığı Westerlund ECM (2007) testi ile ispatlandıktan sonra, uzun dönem regresyon katsayıları Ortak İlişkili Etkiler (Common Correlated Effect-CCE) modeli kapsamında tahminlenmiştir. Elde edilen bulgulara göre, G7 ülkelerinde sermaye hareketleri nispeten yüksektir.

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REFERENCES

References: 

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