Saving rates display considerable variation across countries and over time. This paper investigates empirically the policy and nonpolicy factors behind these saving disparities using a large, cross-country, time-series data set and following an encompassing approach including a number of...

While fiscal adjustment is commonly viewed as the cornerstone of macroeconomic stabilization, the effectiveness of alternative fiscal instruments in raising national saving is still poorly understood. This paper enters the debate by estimating a private consumption function that allows for two...

This paper examines empirically the link between real-exchange-rate uncertainty and private investment in developing countries, using a large cross-country time series data set. The paper builds a GARCH-based measure of real-exchange-rate volatility and finds that it has a strong negative effect...