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Title: Current account dynamics and the Feldstein and Horioka puzzle: the case of Greece
Authors: Mastroyiannis, Anastasios
Issue Date: 2007
Publisher: European Association for Comparative Economic Studies (EACES)
Università Carlo Cattaneo - LIUC
Bibliographic citation: Mastroyiannis Anastasios (2007), Current account dynamics and the Feldstein and Horioka puzzle: the case of Greece. In: The European Journal of Comparative Economics, vol. 4, n. 1, 2007, p. 91-99. E-ISSN 1824-2979.
Abstract: In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence - albeit small - to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy.
Journal/Book: The European journal of comparative economics
Appears in Collections:EJCE

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