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What Drives Private Saving Across the World?

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  • Norman Loayza
  • Klaus Schmidt-Hebbel
  • Luis Servén

Abstract

Saving rates display considerable variation across countries and over time. This paper investigates empirically the policy and nonpolicy factors behind these saving disparities using a large, cross-country, time-series data set and following an encompassing approach including a number of relevant private saving determinants. The paper extends the literature in several dimensions. It uses the largest data set on aggregate saving assembled to date and explores both national and private saving determinants. It uses panel instrumental-variable techniques to correct for endogeneity and heterogeneity. Finally, it performs a variety of robustness checks to changes in estimation procedures, data samples, and model specification. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Bibliographic Info

Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 82 (2000)
Issue (Month): 2 (May)
Pages: 165-181

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Handle: RePEc:tpr:restat:v:82:y:2000:i:2:p:165-181

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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, Tilburg University urn:nbn:nl:ui:12-3125519, Tilburg University.
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  6. Easterly, William & Loayza, Norman & Montiel, Peter, 1997. "Has Latin America's post-reform growth been disappointing?," Policy Research Working Paper Series, The World Bank 1708, The World Bank.
  7. White, Halbert, 1982. "Instrumental Variables Regression with Independent Observations," Econometrica, Econometric Society, Econometric Society, vol. 50(2), pages 483-99, March.
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  9. Corbo, Vittorio & Schmidt-Hebbel, Klaus, 1991. "Public policies and saving in developing countries," Policy Research Working Paper Series, The World Bank 574, The World Bank.
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  1. Resposta ao Carlos
    by "O" Anonimo in A Mão Visível on 2010-02-17 06:44:00
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