A relative answer to the growth–saving puzzle

نویسندگان

چکیده

Prolonged rapid growth, that is, the ‘catching-up’ process through which countries close gap to development frontier, is known be accompanied by high rates of household saving. This phenomenon central in explaining direction international capital flows and trade imbalances past several decades, yet it very much contradiction prevailing macroeconomic theory. paper finds a standard life-cycle model, even when integrated with uncertainty about future growth credit constraints, completely unable replicate relations between saving, represented three stylized facts gleaned from empirical literature. However, adding utility relative consumption model allows for full replication these relations.

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ژورنال

عنوان ژورنال: International Finance

سال: 2022

ISSN: ['1367-0271', '1468-2362']

DOI: https://doi.org/10.1111/infi.12426