معضلة فلدشتين-هوريوكا : دراسة حالة مصر

الملخص EN

The study of Feldstein and Horioka (1980) is one of the studies that has been subject to internationalverification and review in the fields of international finance and macroeconomics.

The main objective of this study is to test the Feldstein Horioka Puzzle in the case of Egypt using tests of cointegration by Johansson- Juselius methods during the period 1991-2018.

The results showed that there is aco- cointegration between saving and investment, indicatingthe incomplete of the capital mobility, and thus the verification of the Feldstein-Horioka hypothesis in Egypt.

Accordingly, the objective of the financial sector policies should be directed towards adopting policies that support further integration and financial liberalization to overcome the shortage of local resources, in addition to working on developing financial systems that can help to join between saving and investment in Egypt.