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Saving Behaviour under Imperfect Financial Markets and the Current Account Consequences

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Author Info
Liu, Liang-Yn
Woo, Wing Thye

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Abstract

The authors seek to establish the general empirical importance of investment-motivated saving. Their hypothesis is that inadequate financial intermediation will induce agents to save more in order to undertake lumpy physical investment in the future. The result is a positive relationship between the degree of capital market imperfection and the size of the private saving rate. A simulation exercise calibrated on Taiwan found a close match between the simulated and actual data. Regression analysis established that the private saving rate was negatively related to the level of financial market sophistication. Copyright 1994 by Royal Economic Society.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 104 (1994)
Issue (Month): 424 (May)
Pages: 512-27
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Handle: RePEc:ecj:econjl:v:104:y:1994:i:424:p:512-27

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  1. Andrus Oks, 2001. "Efficiency Of The Financial Intermediaries And Economic Growth In Ceec," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 8, Faculty of Economics and Business Administration, University of Tartu (Estonia). [Downloadable!]
  2. Maxwmll J. Fry, 1998. "Saving, Investment, Growth, And Financial Distortions In Pacific Asia And Other Developing Areas," International Economic Journal, Korean International Economic Association, vol. 12(1), pages 1-24, April. [Downloadable!] (restricted)
  3. Wing Thye Woo, 2006. "The Structural Nature of Internal and External Imbalances in China," Journal of Chinese Economic and Business Studies, Taylor and Francis Journals, vol. 4(1), pages 1-19, February. [Downloadable!] (restricted)
  4. Robert C. Feenstra & Wen Hai & Wing T. Woo & Shunli Yao, 1998. "The US-China Bilateral Trade Balance: Its Size and Determinants," NBER Working Papers 6598, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Robert A. Blecker, 1998. "International Capital Mobility, Macroeconomic Imbalances, and the Risk of Global Contraction," SCEPA Working Papers 1998-10, Schwartz Center for Economic Policy Analysis (SCEPA), The New School, revised Nov 2000. [Downloadable!]
  6. Mumtaz Hussain & Oscar Brookins, 2001. "On the determinants of national saving: An extreme-bounds analysis," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 137(1), pages 150-174, March. [Downloadable!] (restricted)
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