English, Article edition: The saving-investment relationship in periods of structural change: The case of Greece Evangelia Papapetrou

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Bookmark: http://trove.nla.gov.au/version/28670
Physical Description
  • article
Language
  • English

Edition details

Title
  • The saving-investment relationship in periods of structural change: The case of Greece
Author
  • Evangelia Papapetrou
Physical Description
  • article
Notes
  • Purpose – To study the dynamic relationship between saving-investment in Greece during a period of structural changes with policy regime changes employing different methods of estimation. Design/​methodology/​approach – Different empirical methods are used to estimate the time varying savings retention coefficient. A recursive OLS, rolling OLS, Kalman filter estimator and Markov switching regime modeling (MS-R) are applied which have the advantage to capture the dependence structure of the series both in terms of constant and variance. Findings – The empirical evidence suggests that the degree of correlation between saving and investment weakens during financial liberalization periods. Practical implications – Conclusions drawn from this analysis could be useful for the analysis of other medium-sized economies. Originality/​value – The paper employs four different estimation models to test the stability of the estimated coefficient. The MS-R is used, for the first time, to take into account the policy regime changes during the estimation period.
  • Economic change, Estimation, Greece, Savings
  • RePEc:eme:jespps:v:33:y:2006:i:2:p:121-129
Language
  • English
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