This study investigates the degree of capital mobility in a panel of 16 Latin American and 4 Caribbean countries during 1960 to 2017 against the backdrop of the Feldstein-Horioka hypothesis by applying recent panel data techniques. This is the first study on capital mobility in Latin American and Caribbean countries to employ the recently developed panel data procedure of the dynamic common correlated effects modeling technique of Chudik and Pesaran (J Econ 188:393–420, 2015) and the error-correction testing of Gengenbach, Urbain, and Westerlund (Panel error correction testing with global stochastic trends, 2008, J Appl Econ 31:982–1004, 2016). These approaches address the serious panel data econometric issues of cross-section dependence, slope heterogeneity, nonstationarity, and endogeneity in a multifactor error-structure framework. The empirical findings of this study reveal a low average (mean) savings–retention coefficient for the panel as a whole and for most individual countries, as well as indicating a cointegration relationship between saving and investment ratios. The results indicate that there is a relatively high degree of capital mobility in the Latin American and Caribbean countries in the short run, while the long-run solvency condition is maintained, which is due to reduced frictions in goods and services markets causing increase competition. Increased capital mobility in these countries can promote economic growth and hasten the process of globalization by creating a conducive economic environment for FDI in these countries.

中文翻译：

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拉丁美洲和加勒比国家的资本流动：来自动态共同相关效应面板数据建模的新证据

本研究在 Feldstein-Horioka 假设的背景下，通过应用最近的面板数据技术，调查了 16 个拉丁美洲和 4 个加勒比国家在 1960 年至 2017 年期间的资本流动程度。这是对拉丁美洲和加勒比国家资本流动性的第一项研究，它采用了最近开发的 Chudik 和 Pesaran 动态共同相关效应建模技术（J Econ 188:393–420, 2015）的面板数据程序和误差校正Gengenbach、Urbain 和 Westerlund 的测试（具有全球随机趋势的面板误差校正测试，2008，J Appl Econ 31:982–1004, 2016）。这些方法解决了多因素误差结构框架中横截面依赖性、坡度异质性、非平稳性和内生性等严重的面板数据计量经济学问题。本研究的实证结果表明，该小组作为一个整体和大多数个别国家的平均（平均）储蓄-保留系数较低，并表明储蓄和投资比率之间存在协整关系。结果表明，拉美和加勒比国家短期资本流动性较高，而长期偿付能力条件保持不变，这是由于商品和服务市场摩擦减少导致竞争加剧。通过为这些国家的外国直接投资创造有利的经济环境，这些国家资本流动性的增加可以促进经济增长并加速全球化进程。