English, Article edition: The Global Side of the Investment-Saving Puzzle JOSEPH P. BYRNE; GIORGIO FAZIO; NORBERT FIESS

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Physical Description
  • article
Language
  • English

Edition details

Title
  • The Global Side of the Investment-Saving Puzzle
Author
  • JOSEPH P. BYRNE
  • GIORGIO FAZIO
  • NORBERT FIESS
Physical Description
  • article
Notes
  • In this paper, we reexamine the long-standing and puzzling correlation between national saving and investment in industrial countries. We apply an econometric methodology that allows us to separate idiosyncratic correlation at the country level from correlation at the global level. In a major break with the existing literature, we find no evidence of a long-run relationship in the idiosyncratic components of saving and investment. We also find that the global components in saving and investments commove, indicating that they react to shocks of a global nature. Copyright (c) 2009 The Ohio State University.
  • RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:1033-1040
Language
  • English
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