The mother of all puzzles would not go away

Tapen Sinha*, Dipendra Sinha

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

45 Citations (Scopus)


This paper studies the short-run and long-run relationships between saving and investment rates for 123 countries using an error correction framework. The conventional wisdom suggests that capital should be more mobile for the countries with high per capita income. Our estimates suggest that capital is mobile for 16 countries most with a low per capita income.

Original languageEnglish
Pages (from-to)259-267
Number of pages9
JournalEconomics Letters
Issue number2
Publication statusPublished - Feb 2004


  • Cointegration
  • Feldstein-Horioka puzzle
  • Long-run relationship
  • Saving and investment


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