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Mark Wynne
''What does the Feldstein-Horioka coefficient with panel data really measure? A theoretical approach with the case of a monetary area''
( 2006, Vol. 6 No.8 )
We base theoretically the fact that the "saving retention coefficient" with panel data measures the integration within a considered group of countries but also the integration between this group and the rest of the world, by using different levels of transaction costs according to whether the considered country belongs or not to a monetary union.
JEL: F4 - Macroeconomic Aspects of International Trade and Finance: General
E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data)
Manuscript Received : Mar 29 2006 Manuscript Accepted : Jun 19 2006

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