Why Aren't Savings Rates in Latin America Procyclical?
AbstractWe document a striking empirical regularity: Latin American savings rates are as a rule substantially less procyclical than for OECD countries and in some cases are actually countercyclical. We build a non-representative agent intertemporal, macroeconomic model that rationalizes this phenomenon as the equilibrium outcome of interaction between multiple groups that have common access to aggregate income. We conclude by suggesting that institutional reform may hold the key to improving the cyclical behavior of savings in Latin America.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number 1826.
Date of creation: 1998
Date of revision:
Other versions of this item:
- Lane, Philip R. & Tornell, Aaron, 1998. "Why aren't savings rates in Latin America procyclical?," Journal of Development Economics, Elsevier, Elsevier, vol. 57(1), pages 185-199, October.
- Philip R. Lane & Aaron Tornell, 1998. "Why Aren't Savings Rates in Latin America Procyclical?," NBER Working Papers 6502, National Bureau of Economic Research, Inc.
- Lane, P.R. & Tornell, A., 1998. "Why Aren't Savings Rates in Latin America Procyclical?," Papers, Harvard - Institute for International Development 642, Harvard - Institute for International Development.
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
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.:
- Atish R. Ghosh & Jonathan David Ostry, 1994.
"Export Instability and the External Balance in Developing Countries,"
IMF Working Papers
94/8, International Monetary Fund.
- Atish R. Ghosh & Jonathan D. Ostry, 1994. "Export Instability and the External Balance in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 41(2), pages 214-235, June.
- Edwards, Sebastian, 1996. "Why are Latin America's savings rates so low? An international comparative analysis," Journal of Development Economics, Elsevier, Elsevier, vol. 51(1), pages 5-44, October.
- Mauricio Cardenas & Zeinab Partow, 1998. "Oil, Coffee and the Dynamic Commons Problems in Colombia," Research Department Publications, Inter-American Development Bank, Research Department 3033, Inter-American Development Bank, Research Department.
- Lane, Philip R & Tornell, Aaron, 1996. " Power, Growth, and the Voracity Effect," Journal of Economic Growth, Springer, Springer, vol. 1(2), pages 213-41, June.
- Lane, Philip R. & Tornell, Aaron, 1998.
"Voracity and Growth,"
CEPR Discussion Papers, C.E.P.R. Discussion Papers
2001, C.E.P.R. Discussion Papers.
- Aaron Tornell & Philip R. Lane, 1998. "Voracity and Growth," NBER Working Papers 6498, National Bureau of Economic Research, Inc.
- Philip R. Lane & Aaron Tornell, 1997. "Voracity and Growth," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1807, Harvard - Institute of Economic Research.
- Michael Gavin & Roberto Perotti, 1997. "Fiscal Policy in Latin America," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 11-72 National Bureau of Economic Research, Inc.
- Agenor, Pierre-Richard & McDermott, C John & Prasad, Eswar S, 2000. "Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts," World Bank Economic Review, World Bank Group, World Bank Group, vol. 14(2), pages 251-85, May.
- C. John McDermott & Eswar Prasad & Pierre-Richard AgÃ©nor, 1999. "Macroeconomic Fluctuations in Developing Countries," IMF Working Papers 99/35, International Monetary Fund.
- 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.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel).
If references are entirely missing, you can add them using this form.