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Paper Information

Journal:   IRANIAN JOURNAL OF APPLIED ECONOMICS   fall 2017 , Volume 7 , Number 22 #r00450; Page(s) 47 To 57.

Estimation the Degree of International Capital Mobility in Developing Countries: Panel Co-Integration Approach

* Faculty of Economics and Administration, University of Lorestan, Khoram Abad, Iran
The main purpose of this study was to estimate the degree of international capital mobility in the developing countries during the period 2000-2014. To achieve the purpose, has been used the analysis of panel co-integration and Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), Pooled Mean Group (PMG) and Continuously-updated and Fully-Modified (Cup-FM) estimators. The result of this study showed the Feldstein-Horioka coefficient for countries studied, using the estimators FMOLS, DOLS, PMG and Cup-FM is obtained respectively, 0. 56, 0. 66, 0. 42 and 0. 64. Therefore, can be said that, on average 0. 57 percent of domestic savings spend for domestic investment in developing countries. This means international capital mobility is incomplete and low in these countries.
Keyword(s): Developing Countries,International Capital Mobility,Feldstein and Horioka Puzzle,Panel Co-Integration
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