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