European integration and external sustainability of the European Union: an application of the thesis of Feldstein and Horioka

摘要: The Feldstein–Horioka thesis was considered one of the greatest puzzles in economics. Formulated to measure international capital mobility, it has known a process immunization be conformed empirical evidence and respect econometric knowledge. We apply EU countries formulation this which is adequate test external sustainability mobility. Applying appropriate methods we can accept hypothesis unsustainability for before enlargement. enlargement allows new EU. lesser mobility must as positive shock on industry financial services.