Saving in Latin America and the Caribbean: Performance and Policies
IMF Working Papers, May 18, 2015
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- Saving in Latin America and the Caribbean: Performance and Policies
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Bibliographic details
- Authors: Francesco Grigoli, Alexander Herman, Klaus Schmidt-Hebbel
- Published: May 18, 2015
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513538167.001
Scope and methodology
- Paper analyzes saving patterns and determinants in Latin America and the Caribbean (LAC), including key policy variables and regimes.
- Reviews previous empirical studies on LAC saving and highlights contradictions and omissions.
- Presents empirical results from an extensive search of determinants of private and public saving rates, adding previously neglected variables (including different measures of key external prices and macroeconomic policy regimes), in linear form and in interactions with other saving determinants.
- Analyzes statistical differences in saving determinants between LAC and the rest of the world using a nested econometric framework.
- Discusses differences across three country subgroups within LAC.
Key findings
- Identifies commonalities and differences in saving behavior between LAC and other world regions.
- Identifies heterogeneity in saving behavior within LAC across three subgroups.
- Highlights the role of key policy variables and regimes in shaping private and public saving rates.
- Emphasizes the importance of previously neglected variables, including different measures of key external prices and macroeconomic policy regimes, and their interactions with other determinants.
Policy-relevant insights
- Key policy variables and regimes are identified as influential determinants of saving behavior in LAC.
- Understanding interactions between macroeconomic policies and other saving determinants is important for designing policies to influence private and public saving rates.
Publication and metadata
- Authors: Francesco Grigoli, Alexander Herman, Klaus Schmidt-Hebbel
- Publication date: May 18, 2015
- Series: Working Paper No. 2015/108
- Issue: 108
- Volume: 2015
- Pages: 41
- DOI: https://doi.org/10.5089/9781513538167.001
- Stock No: WPIEA2015108
- ISBN: 9781513538167
- ISSN: 1018-5941
- Subject terms: Fiscal policy, Fiscal rules, Income, Inflation targeting, Monetary policy, National accounts, Private savings, Technology, Technology transfer
- Keywords: Asia and Pacific, consumption, discount factor raise saving, Europe, Fiscal rules, growth rate, household saving, Income, Inflation targeting, LAC dummy, LAC oil exporter, LAC saving, LAC subgroup, Latin America, Middle East and Central Asia, oil exporter, private saving, Private savings, private sector, public saving, saving determinant, saving effect, saving rate, standard deviation, Technology transfer, WP
IMF Working Papers — "Saving in Latin America and the Caribbean: Performance and Policies" (Working Paper No. 2015/108) — May 18, 2015