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Saving in Mexico: The National and International Evidence

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Author Info

  • Craig Burnside

    ()
    (Stanford University. Palo Alto, CA. USA.)

  • Klaus Schmidt-Hebbel

    ()
    (Central Bank of Chile. Santiago, Chile.)

  • Luis Servén

    ()
    (The World Bank)

Abstract

How does Mexico’s saving performance compare to the world’s? Is Mexico ‘different’? And what drives Mexico’s saving behavior since the 1980s? This paper addresses these questions bringing together empirical evidence from Mexico with that from a large cross-country time-series data set on saving aggregates and their determinants. Using dynamic panel data estimation techniques, the paper characterizes the major factors behind world saving performance. In the light of this evidence, Mexico’s saving experience is compared to the international benchmark. Further, the paper turns to quarterly time-series evidence on saving in Mexico, and examines the factors behind the observed evolution of private and national saving using a regression framework, with particular attention to the issues of inflation adjustment and Ricardian equivalence. Key variables in Mexico’s saving performance have been the terms of trade, public saving, the real interest rate, and the inflation rate. Sustained future growth could be reinforced by a virtuous saving-growth cycle, nurtured by the strong response of private (and national) saving rates to income growth observed in the world sample.

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File URL: http://www.economiamexicana.cide.edu/num_anteriores/VIII-2/01_CRAIG_BURNSIDE_181-230.pdf
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Bibliographic Info

Article provided by in its journal Economia Mexicana NUEVA EPOCA.

Volume (Year): VIII (1999)
Issue (Month): 2 (July-December)
Pages: 181-230

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Handle: RePEc:emc:ecomex:v:8:y:1999:i:2:p:181-230

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  1. Beck, T.H.L. & Levine, R. & Loayza, N., 2000. "Financial intermediation and growth: Causality and causes," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125519, Tilburg University.
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Cited by:
  1. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2001. "Una Revisión del Comportamientoy de los Determinantes del Ahorro en el Mundo," Working Papers Central Bank of Chile 95, Central Bank of Chile.
  2. David J. McKenzie, 2001. "The Household Response to the Mexican Peso Crisis," Working Papers 01017, Stanford University, Department of Economics.

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