A Survey on the Feldstein-Horioka Puzzle: What Has Been Done and Where We Stand

Posted: 22 Jun 2007 Last revised: 14 Mar 2011

See all articles by Nicholas Apergis

Nicholas Apergis

University of Piraeus; University of Derby

Chris Tsoumas

Hellenic Open University

Date Written: May 8, 2009


The objective of this paper is to present a survey of the research related to the Feldstein-Horioka puzzle and, in particular, to investigate what economists have learned, which parts of the puzzle have been resolved, which parts remain to be addressed and where future research is heading to. This paper is different from other attempts because it reviews the most recent literature and presents it according to the theoretical and/or empirical approach to the subject. Thus, it can be useful to academics and policy makers who are interested in understanding how and why savings and investment move the way they do.

Keywords: Feldstein-Horioka puzzle, survey

JEL Classification: F20, F36

Suggested Citation

Apergis, Nicholas and Tsoumas, Chris, A Survey on the Feldstein-Horioka Puzzle: What Has Been Done and Where We Stand (May 8, 2009). Research in Economics, Vol. 63, pp. 64-76. Available at SSRN: https://ssrn.com/abstract=993736

Nicholas Apergis (Contact Author)

University of Piraeus ( email )

Karaoli and Dimitriou 80
Piraeus, Attiki 18534

University of Derby ( email )

Kedleston Road
Derby, Derbyshire DE22 1GB
United Kingdom

Chris Tsoumas

Hellenic Open University ( email )

Parodos Aristotelous 18
26335 Patra

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