“…Some studies reveal high saving-retention estimates, an indicator of low capital mobility (Ketenci, 2010;Di Iorio & Fachin, 2014;Drakos et al, 2017Drakos et al, , 2018Khan, 2017;Ginama et al, 2018Ginama et al, , 2021. In contrast, other empirical works find little evidence in favor of the puzzling saving-investment relationship (Georgopoulos & Hejazi, 2009;Rao et al, 2010;Kumar & Rao, 2011;Costantini & Gutierrez, 2013;Holmes & Otero, 2016;Katsimi & Zeoga, 2016;Tursoy & Faisal, 2019;Pata, 2018;Dash, 2019;Plakandaras et al, 2019). Even though there is a plethora of empirical studies investigating the Feldstein-Horioka puzzle in advanced economies, there are not many studies dealing with the puzzle in emerging economies, especially Latin American and Caribbean countries.…”