Does financial reform raise or reduce saving?

Review of Economics and Statistics

Volumn 82, Issue 2, 2000, Pages 239-263

  Bandiera, Oriana ^a   Caprio, Gerard ^a   Honohan, Patrick ^a   Schiantarelli, Fabio ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0034394320     PISSN: 00346535     EISSN: None     Source Type: Journal    
DOI: 10.1162/003465300558768     Document Type: Article

References (56)

1. Alessie, R., M. P. Devereux, and G. Weber, "Intertemporal Consumption, Durables and Liquidity Constraints: A Cohort Analysis," European Economic Review, 41:1 (1993), 37-60.
2. Attanasio, O., P. and M. Browning, "Consumption over the Life Cycle and Over the Business Cycle," American Economic Review 85:5 (1995), 1187-1207.
3. Balassa, B., "The Effects of Interest Rates on Savings in Developing Countries," Banco Nationale del Lavoro Quarterly Review 172 (1990), 101-118.
4. Bartolini, L., and A. Drazen, "Capital Account Liberalization as a Signal," American Economic Review 87 (1997), 138-155.
5. Bayoumi, T., "Financial Deregulation and Household Saving," Economic Journal 103 (1993), 1432-1443.
6. Blanchard, O. J., "Debts, Deficits and Finite Horizons," Journal of Political Economy 93 (1985), 1045-1076.
7. Bonser-Neal, C., and K. Dewenter, "Does Financial Market Development Stimulate Savings? Evidence From Emerging Market Stock Markets," University of Indiana mimeograph (1996).
8. Browning, M., and A. M. Lusardi, "Household Savings: Micro Theories and Micro Facts," Journal of Economic Literature 34 (Dec. 1996), 1797-1855.
9. Burnside, C., "Private Consumption and Public Sector Deficits in Mexico, 1985-1995," World Bank mimeograph (1996).
10. Campbell, J., and N. G. Mankiw, "Consumption, Income and Interest Rates: Reinterpreting the Time Series Evidence," in O. J. Blanchard and S. Fischer (Eds.), NBER Macroeconomic Annual 1989 (Cambridge, MA: MIT Press, 1989), 185-216.
11. _ "The Response of Consumption to Income: A Cross-Country Investigation," European Economic Review 35 (1991), 715-721.
12. Caprio, G. Jr., I. Atiyas, and J. Hanson, Financial Reform: Theory and Evidence (Cambridge University Press, 1994).
13. Caprio, G., Jr., and D. Klingebiel, "Bank Insolvency: Bad Luck, Bad Policy or Bad Banking?" Presented to the World Bank Annual Conference on Development Economics (1996).
14. _ "Bank Insolvency, Cross Country Experience," World Bank Policy Research Paper No. 1620 (July 1996a).
15. Carroll, C. D., "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Papers on Economic Activity 1992-2 (1992), 61-135.
16. Clarke, G., and R. Cull. "Why Privatize? The Case of Argentine Public Provincial Banks," World Bank Policy Research Working Papers n. 1972 (1998).
17. Corbo, V., and K. Schmidt-Hebbel, "Public Policies and Saving in Developing Countries," Journal of Development Economics 36 (1991), 89-115.
18. Deaton, A. S., "Involuntary Saving through Unanticipated Inflation," American Economic Review 67 (1977), 899-910.
19. _ "Savings and Liquidity Constraints," Econometrica 59 (1991), 1221-1248.
20. _ Understanding Consumption (Oxford: Clarendon Press, 1992).
21. de Melo, J., and J. Tybout. "The Effects of Financial Liberalization on Savings and Investment in Uruguay," Economic Development and Cultural Change 34 (1986), 561-588.
22. Demetriades, P., and K. Luintel. "The Direct Cost of Financial Repression: Evidence from India," this REVIEW 79:2 (1997), 311-320.
23. Dornbusch, R., and A. Reynoso. "Financial Factors in Economic Development," American Economic Review, Papers and Proceedings, 79 (1989), 204-209.
24. Fry, M. J., Money, Interest, and Banking in Economic Development, 2nd Ed. (Baltimore: Johns Hopkins, 1995).
25. Hall, R. E., "Intertemporal Substitution in Consumption," Journal of Political Economy 96 (1978), 339-357.
26. Haque, N. U., and P. Montiel. "Consumption in Developing Countries: Tests for Liquidity Constraints and Finite Horizons," this REVIEW 34 (1989), 408-415.
27. Honohan, P., and I. Atiyas, "Intersectoral Financial Flows in Developing Countries," Economic Journal 103:418 (1993), 666-679.
28. Im, K. S., M. H. Pesaran, and Y. Shin, "Testing for Unit Roots in Heterogeneous Panels," University of Cambridge mimeograph (1996).
29. Jappelli, T., and M. Pagano, "Consumption and Capital Market Imperfections: An International Comparison," American Economic Review 79 (1989), 1088-1105.
30. _ "Saving, Growth and Liquidity Constraints," Quarterly Journal of Economics 109 (1994), 83-109.
31. King, Mervin A., "The Economics of Saving," in Arrow, K., and S. Honkanpohja (Eds.), Frontiers of Economics (Oxford: Basil Blackwell, 1985).
32. Koskela, E., H. A. Loikkanen, and M. Virén, "House Prices, Household Savings and Financial Market Liberalization in Finland," European Economic Review 36 (1992), 549-558.
33. Koskela, E., and M. Virén, "Taxation and Household Saving in Open Economies - Evidence from the Nordic Countries," Scandinavian Journal of Economics 96 (1994), 425-441.
34. Lehmussaari, O. P., "Deregulation and Consumption Saving Dynamics in the Nordic Countries," IMF Staff Papers 37 (1990), 71-93.
35. Levine, R., "Financial Development and Economic Growth," Journal of Economic Literature 35:2 (1997), 688-727.
36. Levine, R., and S. Zervos, "Stock Markets, Banks and Economic Growth," World Bank Policy Research Working Paper 1690 (1996).
37. Loayza, N., K. Schmidt-Hebbel, and L. Servén, "What Drives Private Saving across the World," this review 82:2 (2000), 165-181.
38. McKinnon, R., Money and Capital in Economic Development (Washington, D.C.: Brookings Institution, 1973).
39. MacKinnon, J. G., "Critical Values for Cointegration Tests," Economics, University of California at San Diego, Discussion Paper 90-4 (January 1990).
40. Miles, D., "Housing Markets, Consumption and Financial Liberalization in the Major Economies," European Economic Review 36 (1992), 1093-1135 (with discussion).
41. Muellbauer, J., "The Assessment: Consumer Expenditure," Oxford Review of Economic Policy 10 (1994), 1-39.
42. Muellbauer, J., and A. Murphy, "Is the U.K. Balance of Payments Sustainable?" Economic Policy 11 (1990), 345-383.
43. _ "Income Expectations, Wealth and Demography in the Aggregate UK Consumption Function," Paper presented to the HM Treasury Academic Panel (1993).
44. Ostry, J. D., and J. Levy, "Household Savings in France: Stochastic Income and Financial Deregulation," International Monetary Fund Staff Papers 4 (1995), 375-397.
45. Pedroni, P., "Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis," University of Indiana mimeograph (1997a).
46. _ "Approximate Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," University of Indiana mimeograph (1997b).
47. Reynoso, A., Essays on the Macroeconomic Effects of Monetary Reform, Price Controls and Financial Repression, MIT Dissertation (1989).
48. Rossi, N., "Government Spending, the Real Interest Rate, and the Behavior of Liquidity Constrained Consumers in Developing Countries," IMF Staff Papers 35 (1988), 104-140.
49. Schmidt-Hebbel, K., S. B. Webb, and G. Corsetti, "Household Saving in Developing Countries: First Cross-Country Evidence," World Bank Economic Review 6 (1992), 529-547.
50. Shaw, E. S., Financial Deepending in Economic Development (New York: Oxford University Press, 1973).
51. Srinivasan, T. N., "Saving in the Development Process," in J. H. Gapinski (Ed.), The Economics of Saving (Dordrecht: Kluwer, 1993).
52. Stock, J. H., and M. W. Watson, "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica 61 (1993), 783-820.
53. Taylor, L., Structuralist Macroeconomics: Applicable Models for the Third World (New York: Basic Books, 1983).
54. Vaidyanathan, G., "Consumption, Liquidity Constraints and Economic Development," Journal of Macroeconomics 15 (1993), 591-610.
55. Van Wijnbergen, S., "Stagflationary Effects of Monetary Stabilization Policies: A Quantitative Analysis of South Korea," Journal of Development Economics 10 (1982), 133-169.
56. Zeldes, S. P., "Consumption and Liquidity Constraints: An Empirical Investigation," Journal of Political Economy 97 (1989), 305-346.