Financial development, exchange rate regimes and the Feldstein–Horioka puzzle: evidence from the MENA region

References

• Artis , MJ and Bayoumi , TA . 1990 . Saving, investment, financial integration and the balance of payments . IMF Staff Studies for the World Economic Outlook , September : 19 – 34 .
   Google Scholar
• Beck , T , Demirgüç-Kunt , A and Levine , R . 2000 . A new database on financial development and structure . World Bank Economic Review , 14 : 597 – 605 .
   Web of Science ®Google Scholar
• Bencivenga , V and Smith , B . 1991 . Financial intermediation and endogenous growth . Review of Economic Studies , 58 : 195 – 209 .
   Web of Science ®Google Scholar
• Blanchard , O and Giavazzi , F . 2002 . Current account deficits in the Euro area: the end of the Feldstein Horioka puzzle? . Brookings Papers on Economic Activity , 2 : 147 – 209 .
   Google Scholar
• Cadoret , I . 2001 . The saving investment relation: a panel data approach . Applied Economics Letters , 8 : 517 – 20 .
   Web of Science ®Google Scholar
• Coakley , J , Fuertes , AM and Smith , R . 2001 . Small sample properties of panel time-series estimators with I(1) errors , Birkbeck College Discussion Paper No. 03/2001
   Google Scholar
• Coakley , J , Fuertes , AM and Spagnolo , F . 2004 . Is the Feldstein-Horioka puzzle history? . The Manchester School , 72 : 569 – 90 .
   Web of Science ®Google Scholar
• Coakley , J , Hasan , F and Smith , R . 1999 . Saving, investment and capital mobility in LDCs . Review of International Economics , 7 : 632 – 40 .
   Google Scholar
• Edwards , S . 2004 . Thirty years of current account imbalances, current account reversals and sudden stops . IMF Staff Papers , 51 : 1 – 49 .
   Google Scholar
• Feldstein , MS and Horioka , CY . 1980 . Domestic saving and international capital flows . Economic Journal , 90 : 314 – 29 .
   Web of Science ®Google Scholar
• Guiso , L , Sapienza , P and Zingales , L . 2004 . Does local financial development matter? . The Quarterly Journal of Economics , 119 : 929 – 69 .
   Web of Science ®Google Scholar
• Ho , TW . 2000 . Regime-switching investment-saving correlation and international capital mobility . Applied Economics Letters , 7 : 619 – 22 .
   Web of Science ®Google Scholar
• Lewis , KK . 1999 . Trying to explain home bias in equities and consumption . Journal of Economic Literature , 37 : 571 – 608 .
   Web of Science ®Google Scholar
• Milesi-Ferretti , GM and Razin , VEA . 1996 . Current Account Sustainability , Princeton Studies in International Finance No. 81
   Google Scholar
• Montiel , P . 1994 . Capital mobility in developing countries: some measurement issues and empirical estimates . World Bank Economic Review , 8 : 311 – 50 .
   Web of Science ®Google Scholar
• Narayan , PK . 2005 . The saving and investment nexus for China: evidence from cointegration tests . Applied Economics , 37 : 1979 – 90 .
   Web of Science ®Google Scholar
• Obstfeld , M and Rogoff , K . 2000 . The six major puzzles in international macroeconomics: is there a common cause? . NBER Macroeconomics Annual , 15 : 340 – 90 .
   Google Scholar
• Özmen . 2004 . Financial development, exchange rate regimes and the Feldstein–Horioka puzzle: evidence from the MENA region , ERC Working Paper No. 04/18, Available at: www.erc.metu.edu.tr
   Google Scholar
• Özmen , E . 2005 . Macroeconomic and Institutional determinants of current account deficits . Applied Economics Letters , 12 : 557 – 60 .
   Web of Science ®Google Scholar
• Özmen , E and Parmaksız , OK . 2003 . Exchange rate regimes and the Feldstein–Horioka puzzle: the French evidence . Applied Economics , 35 : 217 – 22 .
   Web of Science ®Google Scholar
• Pesaran , MH and Smith , R . 1995 . Estimating long-run relationships from dynamic heterogeneous panels . Journal of Econometrics , 68 : 79 – 113 .
   Web of Science ®Google Scholar
• Pesaran , MH , Shin , Y and Smith , R . 2001 . Bounds testing approaches to the analysis of level relationships . Journal of Applied Econometrics , 16 : 289 – 326 .
   Web of Science ®Google Scholar
• Phillips , PCB and Moon , HR . 1999 . Linear regression theory for nonstationary panel data . Econometrica , 67 : 1057 – 111 .
   Web of Science ®Google Scholar
• Reinhart , CM and Rogoff , KS . 2004 . The modern history of exchange rate arrangements: a reinterpretation . Quarterly Journal of Economics , CXIX : 1 – 48 .
   Web of Science ®Google Scholar
• Rossini , G and Zanghieri , P . 2003 . A simple test of the role of foreign direct investment in the Feldstein–Horioka puzzle . Applied Economics Letters , 10 : 39 – 41 .
   Web of Science ®Google Scholar
• Sarno , L and Taylor , MP . 1998 . Exchange controls, international capital flows and saving-investment correlations in the UK: an empirical investigation . Weltwirtschaftliches Archiv , 134 : 69 – 98 .
   Google Scholar
• Schich , S and Pelgrin , F . 2002 . Financial development and investment: panel data evidence for OECD countries from 1970 to 1997 . Applied Economics Letters , 9 : 1 – 7 .
   Web of Science ®Google Scholar
• Taylor , AM . 2002 . A century of current account deficits . Journal of International Money and Finance , 21 : 725 – 48 .
   Web of Science ®Google Scholar