. We analyze whether this extension can account for the striking differences between theory and data as far as the moments … Leontief technology, transport costs do not resolve the quantitative discrepancies between theory and data. A surprising result …

This paper examines whether terms of trade shocks have an asymmetric effect on private savings in transition economies … of nature, savings rates can be sensitive to favorable movements in the permanent component of the terms of trade. This … effect on private savings, the magnitude of the effect is relatively small. The results are robust for alternative estimators …

bad state of nature. Thus, adverse shocks to commodity prices in the world market can force them to reduce savings by a … economies confirm that most of the determinants of savings identified in the literature also apply to the transition economies …