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Article dans une revue Cahiers Economiques de Bruxelles Année : 2006

A New Look at the Feldstein-Horioka Puzzle: A “European-Regional” Perspective

Résumé

The purpose of this paper consists in assessing the extent of financial integration in the
European Union using the Feldstein-Horioka criterion applied on regional data from Regio
and national statistical offices, over the period 1995-2000. Several important outcomes
are reported by our article. First, we find evidence of zero correlation between savings
and investment inside most of the considered countries, and we are able to rationalize
the few puzzles we face. Second, we find that overall financial integration between EU
regions is almost complete. After performing additional investigations on consistent subgroups
of regions, our analysis confirms that the suppression of institutional barriers to
capital mobility is a powerful tool to achieve financial integration. However, it may not
be fully sufficient in some circumstances.
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Dates et versions

halshs-00267478, version 1 (27-03-2008)

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  • HAL Id : halshs-00267478 , version 1

Citer

Jérôme Héricourt, Mathilde Maurel. A New Look at the Feldstein-Horioka Puzzle: A “European-Regional” Perspective. Cahiers Economiques de Bruxelles, 2006, 49 (2), pp.147-168. ⟨halshs-00267478⟩
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