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On the Impact of Openness and Regulatory Quality on Saving- Investment Dynamics in Emerging Economies

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  • Atul DAR
  • Sal AMIRKHALKHALI
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    Abstract

    This paper attempts to quantify the significance of the domestic saving effort for investment rates in a group of 25 emerging economies over the 1985-2006 period using a varying-coefficients, error-correction model. The model is also used to empirically examine how that significance is influenced by the degree of openness, and by the regulatory framework. Our empirical results provide support for the view that investment rates are not unduly constrained by domestic saving in emerging economies. This is generally more so for relatively open economies, as well as ones with better regulatory quality.

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    Bibliographic Info

    Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

    Volume (Year): 11 (2011)
    Issue (Month): 2 ()
    Pages:

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    Handle: RePEc:eaa:aeinde:v:11:y:2011:i:2_2

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    Related research

    Keywords: Saving-Investment; Openness; Regulatory Quality; Varying Coefficients; Error-Correction Model;

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    References

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    1. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2009. "Governance matters VIII : aggregate and individual governance indicators 1996-2008," Policy Research Working Paper Series 4978, The World Bank.
    2. Michael Dooley & Jeffrey Frankel & Donald J. Mathieson, 1987. "International Capital Mobility: What Do Saving-Investment Correlations Tell Us?," IMF Staff Papers, Palgrave Macmillan, vol. 34(3), pages 503-530, September.
    3. Pratt, John W. & Schlaifer, Robert, 1988. "On the interpretation and observation of laws," Journal of Econometrics, Elsevier, vol. 39(1-2), pages 23-52.
    4. P.A.V.B. Swamy & George S. Tavlas, 1993. "Random coefficient models: theory and applications," Finance and Economics Discussion Series 93-14, Board of Governors of the Federal Reserve System (U.S.).
    5. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2007. "Governance Matters VI: Aggregate and Individual Governance Indicators, 1996-2006," Policy Research Working Paper Series 4280, The World Bank.
    6. Murphy, Robert G., 1984. "Capital mobility and the relationship between saving and investment rates in OECD countries," Journal of International Money and Finance, Elsevier, vol. 3(3), pages 327-342, December.
    7. Amirkhalkhali, Saleh & Dar, Atul A, 1993. "Testing for Capital Mobility: A Random Coefficients Approach," Empirical Economics, Springer, vol. 18(3), pages 523-41.
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