conclude that financing growth and investment out of foreign savings, while not impossible, is risky. …A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using … important than private finance, we also identify a number of episodes where a substantial fraction of domestic investment was …

concludes that financing growth and investment out of foreign savings, while not impossible, is risky. …A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using … investment was financed via private capital inflows. That said, foreign savings are not a good substitute for domestic savings …