摘要：In this paper we have presented the results of a research of the Feldstein-Horioka puzzle presence in Serbia for the period 1997 - 2010.By applying the technique of time series cointegration(Johansen and EngleGranger test)we did not manage to estimate any cointegration relation betweet the gross domestic savings rate and gross domestic investments rate, as well as between their absolute real values.Based on such findings,we rejected the hypothesis that empirical data in Serbia indicate the presence of Feldstein – Horioka puzzle.Descriptive-statistical analysis has shown that almost everything produced in Serbia is consumed,which results in a very modest gross domestic savings,we would say negligible ones compared to gross domestic investments.This fact clearly shows that gross domestic investments are not limited by domestic savigs,which is consistent with relatively free flow of capital that Serbia generates with foreign countries.
其他摘要：U ovom radu smo prikazali rezultate istraživanja prisustva Feldštajn - Horioka zagonetke u Srbiji za vremenski period 1997-2010.godine.Primenom tehnika kointegracije vremenskih serija(Johansen i Engl-Grejndžer test) nismo uspeli da ocenimo nijednu kointegracionu relaciju između stope brutodomaće štednje i bruto domaćih investicija,kao ni između njihovih apsolutnih realnih vrednosti.Na osnovu ovakvih nalaza odbacili smo hipotezu da empirijski podaci u Srbiji ukazuju na prisustvo Feldštajn - Horioka zagonetke. Deskriptivna statistička analiza pokazala je da se u Srbiji troši skoro sve što se proizvede,što rezultira veoma skromnom bruto domaćom štednjom,rekli bismo zanemarivom u odnosu na bruto domaće investicije.Ova činjenica jasno pokazuje da bruto domaće investicije nisu limitirane domaćom štednjom, što je konzistentno sa relativno slobodnim protokom kapitala koji Srbija ima sa inostranstvom.
