Saving rates display great variation across countries and over time. They are also closely related to growth performance. This 1999 volume provides an account of key variables, institutions and policies that determine saving. Drawing from a systematic exploration of the existing literature, the collection summarizes knowledge about cross-country saving trends, the relation between saving and growth, the impact of financial policies and institutions on saving, the effect of foreign resource inflows on saving, and the links between income distribution and aggregate saving. In addition, new research results are presented on the two latter areas. The work has a strong empirical motivation: to help address real-world issues on consumption and saving in both industrial and developing countries, in order to assist in the design of rational and effective macroeconomic policies.
• Tightly focused collection on savings and growth with an international perspective • Contributors include three of the world's experts on the subject: A. Deaton of Princeton, M. Obstfeld of Berkeley and P. Honohan of Dublin • Foreword by Joseph Stigliz, one of the world's leading economists, former head of Clinton's Council of Economic Advisors
Foreword Joseph Stiglitz; 1. Introduction; 2. Saving in the world: the stylized facts Klaus Schmidt-Hebbel; 3. Saving and growth Luis Serven; 4. Financial policies and saving Angus Deaton; 5. Foreign resource inflows, saving and growth Patrick Honohan; 6. Aggregate saving and income distribution Maurice Obstfeld.