-sectional heterogeneity to establish a direct link between labor market reforms and changes in net foreign assets via a precautionary savings …

in the reforming country, employed workers increase their precautionary savings to compensate for reduced government …-provided insurance. A portion of these additional savings flows to the non-reforming country and depresses long-term consumption due to …'s tradable sector in the aftermath of the Hartz unemployment insurance reform based on firm-level data. Our quantitative model …

I study the employment effects of a 2008 policy reform in the Chilean pension system. The reform i) increased pension … benefits, ii) changed the accrual rates, iii) relaxed eligibility criteria for low-savings retirees. I estimate the labor …. Using a Difference in Differences (DID) approach with multiple time periods, I find that, on average, the reform increased …

effect on investment, and a (fairly) small significant negative effect on domestic savings. The aggregate result is thus an … domestic savings. We conclude that in Asia and Latin America, aid is a substitute to domestic savings, but has a net positive …

savings ("excess savings") and a small but persistent current account deficit (a slow-motion "twin deficit"). These patterns …