The paper examines the trend in private savings in Morocco in the presence of financial sector development by utilizing a cointegration and error-correction modeling framework. Specifically, the hypothesis that there is stable relationship between the level of private savings and its...

This paper examines whether terms of trade shocks have an asymmetric effect on private savings in transition economies. A simple three-period framework is developed to show that, in the presence of binding credit constraints in bad states of nature, savings rates can be sensitive to favorable...