Saving Behaviour Under Imperfect Financial Markets and the Current Account Consequences
AbstractThe 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 InfoPaper provided by California Davis - Institute of Governmental Affairs in its series Papers with number 413.
Length: 36 pages
Date of creation: 1992
Date of revision:
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Postal: UNIVERSITY OF CALIFORNIA DAVIS, INSTITUTE OF GOVERNMENTAL AFFAIRS, RESEARCH PROGRAM IN APPLIED MACROECONOMICS AND MACRO POLICY, DAVIS CALIFORNIA 95616 U.S.A.
financial market ; information ; economic models;
Other versions of this item:
- Liu, Liang-Yn & Woo, Wing Thye, 1994. "Saving Behaviour under Imperfect Financial Markets and the Current Account Consequences," Economic Journal, Royal Economic Society, vol. 104(424), pages 512-27, May.
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- Wing Thye Woo & Robert Feenstra & Wen Hai & Shunli Yao, 2003.
"The U.S.-China Bilateral Trade Balance: It'S Size And Determinants,"
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- Robert C. Feenstra & Wen Hai & Wing T. Woo & Shunli Yao, 1998. "The US-China Bilateral Trade Balance: Its Size and Determinants," NBER Working Papers 6598, National Bureau of Economic Research, Inc.
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- 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.
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- 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.
- 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).
- 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.
- Wing Thye Woo, 2007.
"The Challenges of Governance Structure, Trade Disputes and Natural Environment to China's Growth,"
CASE Network Studies and Analyses
0349, CASE-Center for Social and Economic Research.
- 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.
- 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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