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Why Aren't Savings Rates in Latin America Procyclical?

Philip Lane and Aaron Tornell

Harvard Institute of Economic Research Working Papers from Harvard - Institute of Economic Research

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 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.

Date: 1998
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