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A NOTE ON HUMAN CAPITAL AND THE FELDSTEIN–HORIOKA PUZZLE*
Author(s) -
KATSIMI MARGARITA,
MOUTOS THOMAS
Publication year - 2009
Publication title -
the manchester school
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.361
H-Index - 42
eISSN - 1467-9957
pISSN - 1463-6786
DOI - 10.1111/j.1467-9957.2009.02103.x
Subject(s) - economics , investment (military) , capital (architecture) , monetary economics , macroeconomics , keynesian economics , history , archaeology , politics , political science , law
In this paper we re‐examine the Feldstein–Horioka finding of limited international capital mobility by using a broader view (i.e. including human capital) of investment and saving. We find that the decline in the economic significance of the Feldstein–Horioka result, found in studies using more recent data, holds also for our broader definition of saving and investment.