| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2017: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Outline of Final Research Achievements |
In this research project, I performed a research on puzzles in the open macroeconomics and international finance literature. In particular, I investigated the main factors of the Feldstein-Horioka Puzzle. As financial markets are liberalized, the co-movement between savings and domestic investment should be lowered. However, Felstein and Horioka (1980) claimed the absence of perfect mobility based on a cross-section regression of investment on saving for 21 OECD countries for the period 1960 to 1974.In this project,I performed time-frequency domain analysis for nine countries from 1885 to 2010. I showed at which time and at which frequency the Feldstein-Horioka Puzzle prevails. I also quantitatively assessed the relative role of the existing candidate explanations for saving-investment co-movement.
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