Saving, Investment and the Current Account
AbstractIn this review of recent work on the relationship between saving, investment and the current account, it is shown that focusing on national saving and investment behavior and modeling these in a modern intertemporal optimization framework will modify some conventional results regarding the relationship between the current account and the terms of trade, the exchange rate and fiscal policy. It is also shown that such a framework can explain the close empirical correlation between national saving and investment rates without relying on limited international capital mobility. It is conjectured that a better empirical understanding of current account developments could be gained if modern theories of investment and saving behavior were used more systematically in applied studies. Copyright 1992 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 94 (1992)
Issue (Month): 2 ()
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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