Why Aren't Savings Rates in Latin America Procyclical? /
Lane, Philip R.
Why Aren't Savings Rates in Latin America Procyclical? / Philip R. Lane, Aaron Tornell. - Cambridge, Mass. National Bureau of Economic Research 1998. - 1 online resource: illustrations (black and white); - NBER working paper series no. w6502 . - Working Paper Series (National Bureau of Economic Research) no. w6502. .
April 1998.
We document a striking empirical regularity: Latin American savings rates are as a rule substantially less procyclical than for OECD countries and in some cases are actually countercyclical. We build a non-representative agent intertemporal macroeconomic model that rationalizes this phenomenon as the equilibrium outcome of interaction between multiple groups that have common access to aggregate income. We conclude by suggesting that institutional reform may hold the key to improving the cyclical behavior of savings in Latin America.
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Mode of access: World Wide Web.
Why Aren't Savings Rates in Latin America Procyclical? / Philip R. Lane, Aaron Tornell. - Cambridge, Mass. National Bureau of Economic Research 1998. - 1 online resource: illustrations (black and white); - NBER working paper series no. w6502 . - Working Paper Series (National Bureau of Economic Research) no. w6502. .
April 1998.
We document a striking empirical regularity: Latin American savings rates are as a rule substantially less procyclical than for OECD countries and in some cases are actually countercyclical. We build a non-representative agent intertemporal macroeconomic model that rationalizes this phenomenon as the equilibrium outcome of interaction between multiple groups that have common access to aggregate income. We conclude by suggesting that institutional reform may hold the key to improving the cyclical behavior of savings in Latin America.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.