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Saving Behaviour under Imperfect Financial Markets and the Current Account Consequences

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  • Liu, Liang-Yn
  • Woo, Wing Thye

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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Bibliographic Info

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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Cited by:
  1. Wing Thye Woo & Robert Feenstra & Wen Hai & Shunli Yao, 2003. "The U.S.-China Bilateral Trade Balance: It'S Size And Determinants," Working Papers 989, University of California, Davis, Department of Economics.
  2. Wing Thye Woo, 2007. "The Challenges of Governance Structure, Trade Disputes and Natural Environment to China's Growth," Comparative Economic Studies, Palgrave Macmillan, vol. 49(4), pages 572-602, December.
  3. Maxwell Fry, 1998. "Savings, Investment, Growth and Financial Distortions in Pacific Asia and Other Developing Areas," International Economic Journal, Taylor & Francis Journals, vol. 12(1), pages 1-24.
  4. Wing Thye Woo, 2006. "The Structural Nature of Internal and External Imbalances in China," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 4(1), pages 1-19.
  5. 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).
  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.
  7. Been-Lon Chen & Yeong-Yuh Chiang & Ping Wang, 2000. "Credit Market Imperfections, Financial Activity and Economic Growth," Vanderbilt University Department of Economics Working Papers 0020, Vanderbilt University Department of Economics.
  8. Woo, Wing Thye, 2011. "China's economic growth engine: The likely types of hardware failure, software failure and power supply failure," BOFIT Discussion Papers 8/2011, Bank of Finland, Institute for Economies in Transition.

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