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 inter-temporal 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.
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Bibliographic InfoPaper provided by Harvard - Institute for International Development in its series Papers with number 642.
Length: 30 pages
Date of creation: 1998
Date of revision:
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Postal: CAER Project, Harvard Institute for International Development, 14 Story Street, Cambridge MA 02138O
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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, 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.
- Philip Lane & Aaron Tornell, 1998. "Why Aren't Savings Rates in Latin America Procyclical?," Harvard Institute of Economic Research Working Papers 1826, Harvard - Institute of Economic Research.
- 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
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