circumstances of the post-socialist transformation made it more or less difficult to run long-time investment projects. Therefore …

Domestic savings and investment are positively correlated across countries and through time, as Feldstein-Horioka (FH … relationship is causal: an exogenous rise in savings increases investment. This result holds in the full sample of countries and … endogeneity bias. The core of our identification strategy relies on the idea that population age structure influences savings, but …