determine savings, investment and growth. Investment is assumed to involve intermediation or other costs which may, in each … activities to facilitate private investment can influence saving. In particular, a sustained period of fiscal restraint can shift … period, result in either of two stable equilibria for the savings rate. At the “good” equilibrium, savings and growth are …

increases in employment and output rather than only in wages; and (2) even though the domestic saving rate is high, foreign … direct investment is also substantial. We explain these features in terms of a conventional neoclassical growth model-with no …

Italy and provinces in Canada. Analyzing saving-investment correlations, and developing as well as fitting to the data a …

as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We develop a model that …

countries have a smaller share of exports, lower degree of financial deepening, lower levels of domestic savings, higher …

simple metric that quantifies the associated income windfall. We also document saving patterns during these episodes and … substantially larger. While aggregate saving increased more than in past episodes, the share of the windfall saved (the marginal … saving rate) seems to be lower, suggesting that greater aggregate saving reflects mainly the sheer size of the windfall …