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Economic Liberalization and Savings Rates

  • Kashif Mansori
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    This paper considers the possibility that economic liberalization, by which is meant a reduction in tariffs, quotas, capital controls, and other government distortions of international transactions, may reduce private savings rates. A two stage approach is used to analyze a panel data set covering OECD countries during the past two decades. The conclusion is that there is a significant and robust relationship between economic liberalization and lower rates of savings. One implication is that at least part of the decline in savings rates in some countries over the past two decades may be explained by the liberalization process.

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    File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2001/wp-cesifo-2001-02/cesifo_wp418.pdf
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    Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 418.

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    Date of creation: 2001
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    Handle: RePEc:ces:ceswps:_418
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    1. Tamim Bayoumi, 1992. "Financial Deregulation and Household Saving," Bank of England working papers 5, Bank of England.
    2. B. Douglas Bernheim, 1988. "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Working Papers 2330, National Bureau of Economic Research, Inc.
    3. Paul R. Masson & Tamim Bayoumi & Hossein Samiei, 1995. "International Evidenceon the Determinants of Private Saving," IMF Working Papers 95/51, International Monetary Fund.
    4. repec:cup:macdyn:v:2:y:1998:i:4:p:443-55 is not listed on IDEAS
    5. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
    6. 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.
    7. Haque, N. U. & Pesaran, M. H. & Sharma, Sunil, 1999. "Neglected Heterogeneity and Dynamics in Cross-country Savings Regressions," Cambridge Working Papers in Economics 9904, Faculty of Economics, University of Cambridge.
    8. Shafer, Jeffrey R & Elmeskov, Jorgen & Tease, Warren, 1992. " Saving Trends and Measurement Issues," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 155-75.
    9. Calvo, Guillermo A. & Drazen, Allan, 1998. "Uncertain Duration Of Reform," Macroeconomic Dynamics, Cambridge University Press, vol. 2(04), pages 443-455, December.
    10. International Monetary Fund, 1999. "Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions," IMF Working Papers 99/128, International Monetary Fund.
    11. Guillermo A. Calvo & Allan Drazen, 1997. "Uncertain Duration of Reform: Dynamic Implications," NBER Working Papers 5925, National Bureau of Economic Research, Inc.
    12. Bergman, U. Michael & Hutchison, Michael M., 1999. "The 'German View' and Consumption Booms: Empirical Evidence from Denmark," Working Papers 1999:3, Lund University, Department of Economics.
    13. Agell, Jonas & Berg, Lennart, 1996. " Does Financial Deregulation Cause a Consumption Boom?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(4), pages 579-601, December.
    14. Masson, Paul R & Bayoumi, Tamim & Samiei, Hossein, 1998. "International Evidence on the Determinants of Private Saving," World Bank Economic Review, World Bank Group, vol. 12(3), pages 483-501, September.
    15. 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.
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