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The Effects of Government Policy And Capital Liberalisation on Private Saving in SEACEN Countries

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  • Seung-Je Hong
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    Abstract

    This paper consists of two parts. Part I analyses the effects of government policy on the rate of private saving using both time series data and cross-country panel data for SEACEN countries. Part II examines the reasons for the decline in private saving ratios in several SEACEN countries since the 1990s which has coincided with capital liberalisation. Empirical tests indicate that the influx of capital from overseas unleashed by capital liberalisation has substituted for domestic saving. The study concludes with policy suggestions to promote domestic saving and achieve long-run sustainability of the external current account deficit in the region.

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    File URL: http://www.seacen.org/GUI/pdf/publications/staff_paper/1998/SP60.pdf
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    Bibliographic Info

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    This book is provided by South East Asian Central Banks (SEACEN) Research and Training Centre in its series Staff Papers with number sp60 and published in 1998.

    ISBN: 983-9478-01-X
    Handle: RePEc:sea:spaper:sp60

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Hall, Robert E & Mishkin, Frederic S, 1982. "The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households," Econometrica, Econometric Society, vol. 50(2), pages 461-81, March.
    2. Schmidt-Hebbel, Klaus & Serven, Luis & Solimano, Andres, 1996. "Saving and Investment: Paradigms, Puzzles, Policies," World Bank Research Observer, World Bank Group, vol. 11(1), pages 87-117, February.
    3. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
    4. Martin Feldstein, 1980. "International differences in social security and saving," NBER Chapters, in: Econometric Studies in Public Finance, pages 225-244 National Bureau of Economic Research, Inc.
    5. Sebastian Edwards, 1995. "Why are Saving Rates so Different Across Countries?: An International Comparative Analysis," NBER Working Papers 5097, National Bureau of Economic Research, Inc.
    6. Hamid Faruqee & Aasim M. Husain, 1995. "Saving Trends in Southeast Asia," IMF Working Papers 95/39, International Monetary Fund.
    7. Fry, Maxwell J., 1986. "Terms-of-trade dynamics in Asia: An analysis of national saving and domestic investment responses to terms-of-trade changes in 14 Asian LDCs," Journal of International Money and Finance, Elsevier, vol. 5(1), pages 57-73, March.
    8. Koskela, Erkki & Viren, Matti, 1983. "Social Security and Household Saving in an International Cross Section," American Economic Review, American Economic Association, vol. 73(1), pages 212-17, March.
    9. Robert B. Barsky & N. Gregory Mankiw & Stephen P. Zeldes, 1987. "Ricardian Consumers With Keynesian Propensities," NBER Working Papers 1400, National Bureau of Economic Research, Inc.
    10. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," MPRA Paper 6978, University Library of Munich, Germany.
    11. Jonathan D. Ostry & Carmen M. Reinhart, 1992. "Private Saving and Terms of Trade Shocks: Evidence from Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 495-517, September.
    12. Matthew Higgins & Jeffrey G. Williamson, 1996. "Asian Demography and Foreign Capital Dependence," NBER Working Papers 5560, National Bureau of Economic Research, Inc.
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