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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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    Web page: http://edirc.repec.org/data/seacemy.html
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    1. 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.
    2. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
    3. Feldstein, Martin, 1980. "International differences in social security and saving," Journal of Public Economics, Elsevier, vol. 14(2), pages 225-244, October.
    4. 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.
    5. Jonathan David Ostry & Carmen Reinhart, 1991. "Private Saving and Terms of Trade Shocks: Evidence from Developing Countries," IMF Working Papers 91/100, International Monetary Fund.
    6. 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.
    7. Matthew Higgins & Jeffrey G. Williamson, 1996. "Asian Demography and Foreign Capital Dependence," NBER Working Papers 5560, National Bureau of Economic Research, Inc.
    8. 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.
    9. Hamid Faruqee & Aasim M. Husain, 1995. "Saving Trends in Southeast Asia: A Cross-Country Analysis," IMF Working Papers 95/39, International Monetary Fund.
    10. 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.
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