Cooray, Arusha and Felmingham, Bruce (2005): Investment and Savings Cycles and Tests for Capital Market Integration.
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A spectral analysis of the Australian time series for the investment and savings ratio on monthly data over the period finds that the investment ratio is subject to a cycle of 6 months duration while the savings ratio series is concentrated on a longer swing of 4 to 6 years. The implications for the Feldstein-Horioka test of capital mobility are explained.
|Item Type:||MPRA Paper|
|Original Title:||Investment and Savings Cycles and Tests for Capital Market Integration|
|Keywords:||investment, savings, spectral analysis, Australia|
|Subjects:||E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations; Cycles
F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F41 - Open Economy Macroeconomics
|Depositing User:||Arusha Cooray|
|Date Deposited:||05. Jul 2010 09:41|
|Last Modified:||13. Feb 2013 09:04|
Feldstein M. and Horioka C. (1980), ‘Domestic Saving and International Capital Flows,’ Economic Journal, 90, 314-329.