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Mehrara, Maryam, Gholami, Amir, Ahmadi, Seyed Mohammad Mehdi. (1402). An Analytical Examination of the Degree of Capital Mobility in Iran Reappraisal of Feldstein-Horioka Relationship. , 8(31), 87-102. doi: 10.30495/ijfma.2023.21718
Maryam Mehrara; Amir Gholami; Seyed Mohammad Mehdi Ahmadi. "An Analytical Examination of the Degree of Capital Mobility in Iran Reappraisal of Feldstein-Horioka Relationship". , 8, 31, 1402, 87-102. doi: 10.30495/ijfma.2023.21718
Mehrara, Maryam, Gholami, Amir, Ahmadi, Seyed Mohammad Mehdi. (1402). 'An Analytical Examination of the Degree of Capital Mobility in Iran Reappraisal of Feldstein-Horioka Relationship', , 8(31), pp. 87-102. doi: 10.30495/ijfma.2023.21718
Mehrara, Maryam, Gholami, Amir, Ahmadi, Seyed Mohammad Mehdi. An Analytical Examination of the Degree of Capital Mobility in Iran Reappraisal of Feldstein-Horioka Relationship. , 1402; 8(31): 87-102. doi: 10.30495/ijfma.2023.21718

An Analytical Examination of the Degree of Capital Mobility in Iran Reappraisal of Feldstein-Horioka Relationship

International Journal of Finance & Managerial Accounting
دوره 8، شماره 31، آذر 2023، صفحه 87-102  XML اصل مقاله (440.17 K)
نوع مقاله: Original Article
شناسه دیجیتال (DOI): 10.30495/ijfma.2023.21718
نویسندگان
Maryam Mehraraorcid 1؛ Amir Gholami email orcid 2؛ Seyed Mohammad Mehdi Ahmadi3
1Ph.D. student of Department of Economics, College of Management and Social Science, Tehran North Branch, Islamic Azad University, Tehran, Iran.
2Assistant Professor, Department of Economics, College of Management and Social Science, Tehran North Branch, Islamic Azad University, Tehran, Iran
3Assistant Professor, Department of Economics, College of Management and Social Science, Tehran North Branch, Islamic Azad University, Tehran, Iran.
چکیده
Our goal in this paper analysis the dynamics of national saving investment relationships between 1978 and 2017 in the economy of Iran to determine the degree of capital mobility. For this purpose, the validity of the Feldstein-Horioka hypothesis was tested by relying on the ARDL Bounds testing approach to co-integration and vector error correction model. The authors interpret the close relationship between national saving and investment in the long run as a reflection of a lack of capital mobility. These results suggest that the Feldstein-Horioka Hypothesis is applicable for the Iran economy in the period analyzed. The analysis of the time series characteristics of the current account balance shows that the current account balance does not have a unit root and the link between Iran's economy and international capital markets is not significant. We observed that trade openness, can't help explain the investment. Our findings for Iran suggest that home bias in the allocation of domestic savings significantly declines when domestic investment is financed by domestic savings alone. Furthermore, the empirical results indicate that the Feldstein-Horioka puzzle does not hold for the Iran economy.
کلیدواژه‌ها
Capital Mobility؛ Feldstein-Horioka Hypothesis؛ openness؛ home bias؛ Iran
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