privatization effects on savings in Eastern Europe, with limited evidence of positive savings effects in Latin America. These …Analyses of pension funding effects on economic growth need to differentiate between "carve-out" pension privatization … evidence that pension privatization in Latin America and Eastern Europe was associated with higher economic growth. The result …

question of the role that the governments should play in mobilizing savings to ensure a high growth rate must be addressed …. This paper argues that the issue of a good allocation of savings must precede that of mobilization. Much evidence suggests … the institutional changes that will be necessary to ensure a better allocation of savings …