Financial Systems to Make Savings Count
Andrew Powell and
Eduardo Cavallo ()
Chapter 3 in Saving for Development: How Latin America and the Caribbean Can Save More and Better, 2016, pp 45-73 from Inter-American Development Bank
Why should people--and economies--save? The typical answer usually focuses on the need to protect against future shocks, to smooth consumption during hard times, in short, to save for the proverbial rainy day. This book approaches the question from a slightly different angle. While saving to survive the bad times is important, saving to thrive in the good times is what really counts. People must save so they can invest in their own and their children's health and education, live productive fulfilling lives, and end their days in comfort and peace. Firms must save so they can grow productive enterprises that employ more workers in better jobs to produce quality goods for domestic and international markets. Governments must save to build bridges, highways, and airports that support a productive economy, to provide quality services such as education, health, water, and sanitation to their citizens, and to assure their senior citizens a dignified, worry-free retirement. In short, countries must save for a sunny day -a time when everyone can bask in the benefits of growth, prosperity, and well-being.
Keywords: Domestic Saving Rate; Household Saving; Pension funds; Pensions Systems; Infrastructure Investment; Tax Revenue; Productivity Growth; Income Tax; Private Investment; Public investment; Financial Intermediaries; Financial institution; Economic Growth; Financial Systems; DIA; poupanÃ§a nacional; national saving; poupanÃ§a informal; inversiÃ³n en infraestructura; ahorros formales; productividad; desarrollo econÃ³mico; fondos de pensiones; ahorro nacional; poupanÃ§a formal; ahorros informales; informal saving; tasa de ahorro; formal saving; Desarrollo en las AmÃ©ricas (search for similar items in EconPapers)
JEL-codes: J26 J11 G2 F32 E22 E21 D91 (search for similar items in EconPapers)
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