دراسة لانتقال رؤوس الأموال الدولية في إطار العلاقة بين الاستثمار والادخار في دول المغرب العربي: دراسة قياسية للفترة (1980-2015)

Abstract

Feldstein and Horioka (1980) propose assessing the degree of capital mobility by measuring the correlation between saving and investment. The high correlation between saving and investment is known as the Feldstein–Horioka puzzle (FHP). We apply the ARDL model and employing the generalized method of moments (GMM) estimation technique developed by Hansen (1982) with annual data from 1980 to 2015. Our conclusion is that the saving- investment are co-integrated in Algeria, Mauritania, Libya. These results support the FHP hypothesis and suggest the imperfect mobility of capital in these countries, but for Tunisia and Morocco, the study could not find evidence on long run relationship between saving and investment, which implies perfect capital mobility.