Saving in Mexico: The National and International Evidence
How does Mexico’s saving performance compare to the world’s? Is Mexico ‘different’? And what drives Mexico’s saving behavior since the 1980s? This paper addresses these questions bringing together empirical evidence from Mexico with that from a large cross-country time-series data set on saving aggregates and their determinants. Using dynamic panel data estimation techniques, the paper characterizes the major factors behind world saving performance. In the light of this evidence, Mexico’s saving experience is compared to the international benchmark. Further, the paper turns to quarterly time-series evidence on saving in Mexico, and examines the factors behind the observed evolution of private and national saving using a regression framework, with particular attention to the issues of inflation adjustment and Ricardian equivalence. Key variables in Mexico’s saving performance have been the terms of trade, public saving, the real interest rate, and the inflation rate. Sustained future growth could be reinforced by a virtuous saving-growth cycle, nurtured by the strong response of private (and national) saving rates to income growth observed in the world sample.
Volume (Year): VIII (1999)
Issue (Month): 2 (July-December)
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- Loayza, N. & Schmidt, K. & Serven, L., 1999.
"What Drives Private Saving Across the World?,"
47, Cambridge - Risk, Information & Quantity Signals.
- Levine, Ross & Loayza, Norman & Beck, Thorsten, 1999.
"Financial intermediation and growth : Causality and causes,"
Policy Research Working Paper Series
2059, The World Bank.
- Levine, Ross & Loayza, Norman & Beck, Thorsten, 2000. "Financial intermediation and growth: Causality and causes," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 31-77, August.
- Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084 Central Bank of Chile.
- Thorsten Beck & Ross Levine & Norman Loayza, 1999. "Financial Intermediation and Growth: Causality and Causes," Working Papers Central Bank of Chile 56, Central Bank of Chile.
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