Despite the growing support for market-oriented strategies, and for a greater role of private investment, empirical growth models for developing countries typically make no distinction between the private and public components of investment. This paper sheds some light on this important issue by...

This paper shows how growth and demography, two important determinants of the savings rate in the life-cycle approach, explain a large part of the diversity in savings behavior in Asia across eight countries as well as over time. Inflation and adverse movements in the terms of trade are found to...