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The Effects of Government Policy And Capital Liberalisation on Private Saving in SEACEN Countries

  • Seung-Je Hong
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    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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    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
    Contact details of provider: Postal: Level 5, Sasana Kijang, Bank Negara Malaysia, 2 Jalan Dato? Onn, 50480 Kuala Lumpur
    Phone: 603-9195 1888
    Fax: 603-9195 1801
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    1. Fry, Maxwell J., 1986. "Terms-of-trade dynamics in Asia: An analysis of national saving and domestic investment responses to terms-of-trade changes in 14 Asian LDCs," Journal of International Money and Finance, Elsevier, vol. 5(1), pages 57-73, March.
    2. 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.
    3. 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.
    4. 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.
    5. Masao Ogaki & Jonathan David Ostry & Carmen Reinhart, 1995. "Saving Behavior in Low and Middle-Income Developing Countries: A Comparison," IMF Working Papers 95/3, International Monetary Fund.
    6. Robert B. Barsky & N. Gregory Mankiw & Stephen P. Zeldes, 1984. "Ricardian Consumers With Keynesian Propensities," NBER Working Papers 1400, National Bureau of Economic Research, Inc.
    7. Matthew Higgins & Jeffrey G. Williamson, 1996. "Asian Demography and Foreign Capital Dependence," NBER Working Papers 5560, National Bureau of Economic Research, Inc.
    8. Reinhart, Carmen & Ostry, Jonathan, 1992. "Saving and Terms of Trade Shocks: Evidence from Developing Countries," MPRA Paper 6976, University Library of Munich, Germany.
    9. Feldstein, Martin, 1980. "International differences in social security and saving," Journal of Public Economics, Elsevier, vol. 14(2), pages 225-244, October.
    10. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
    11. Davis, E. Philip, 1998. "Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective," OUP Catalogue, Oxford University Press, number 9780198293040.
    12. 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.
    13. Hamid Faruqee & Aasim M. Husain, 1995. "Saving Trends in Southeast Asia: A Cross-Country Analysis," IMF Working Papers 95/39, International Monetary Fund.
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