European Integration and the Feldstein–Horioka Puzzle
运用双重差分法研究1993年欧洲单一市场和1999年欧元对费尔德斯坦-堀江方程的影响，发现投资与储蓄的相关性受制度、汇率风险和信用风险影响，且单一市场内资本流动部分无法由基本面解释。
Abstract We apply the differences‐in‐differences method to study the effect of the European single market in 1993 and the euro in 1999 on the Feldstein–Horioka equation where countries outside the single market serve as a control group and those within as a treatment group. We find structural breaks that coincide with both events, in addition to the financial crisis in 2008. The results suggest that the correlation between investment and savings depends on institutions, exchange rate risk and credit risk. Furthermore, the pattern of capital flows within the single market leaves a significant part of the flows unexplained by fundamentals.