Why Aren't Savings Rates in Latin America Procyclical?

Philip Lane and Aaron Tornell

Working Papers from Harvard - Institute for International Development

Abstract: 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 inter-temporal 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.

Keywords: SAVINGS (search for similar items in EconPapers)
JEL-codes: F43 O40 Q33 (search for similar items in EconPapers)
Pages: 30 pages
Date: 1998
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Citations: View citations in EconPapers (23)

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Related works:
Journal Article: Why aren't savings rates in Latin America procyclical? (1998)
Working Paper: Why Aren't Savings Rates in Latin America Procyclical? (1998)
Working Paper: Why Aren't Savings Rates in Latin America Procyclical? (1998)
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