Saving in the world

Grigoli, Francesco; Herman, Alexander; Schmidt-Hebbel, Klaus

doi:10.1016/j.worlddev.2017.11.022

Cited by 45 publications

(78 citation statements)

References 36 publications

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“…In essence, country-period pairs featuring larger shares of adults in the [35:49] age bracket display higher domestic savings. This empirical regularity is in line with the life-cycle hypothesis stating that children, adults at the initial rungs of the salary ladder and the elderly lack either the ability or a reason to save (Grigoli, F., Herman, A., and Schmidt-Hebbel, K. 2018).…”

Section: Introductionsupporting

confidence: 84%

“…The list of potential determinants of savings is vast and has been aptly surveyed by Grigoli, Herman, and Schmidt-Hebbel (2018). The problem is that to find appropriate instruments, we need variables that are strongly correlated with savings rates, but that are not correlated with other determinants of investment that are not controlled for in Equation (1).…”

Section: Identification Strategymentioning

confidence: 99%

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Reexamining the National Savings-Investment Nexus Across Time and Countries

David¹,

Gonçalves²,

Werner³

2020

IMF Working Papers

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Domestic savings and investment are positively correlated across countries and through time, as Feldstein-Horioka (FH) unveiled 40 years ago. We argue that an interpretation of this correlation based on market failures is more consistent with data patterns than alternative hypotheses. Moreover, resorting to instrumental variables techniques, we conclude that the relationship is causal: an exogenous rise in savings increases investment. This result holds in the full sample of countries and for emerging and developing economies, but there is evidence that the positive association in advanced economies is due to endogeneity bias. The core of our identification strategy relies on the idea that population age structure influences savings, but not total investment directly. Specifically, we use the share of adults in the [35-49] years of age bracket as an instrument for savings. Our estimates pass weak-instruments robust inference.

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Section: Introductionsupporting

confidence: 84%

Section: Identification Strategymentioning

confidence: 99%

Reexamining the National Savings-Investment Nexus Across Time and Countries

David¹,

Gonçalves²,

Werner³

2020

IMF Working Papers

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“…In reality, however, the evidence of Ricardian Equivalence has been scarce in the agricultural sector and mixed where it is available, and it has been generally found to hold only partly (Masson et al 1998;Grigoli et al 2018;Haug 2020). Furthermore, a higher discountfactor can weaken Ricardian Equivalence.…”

Section: (B) Size Of Spendingmentioning

confidence: 99%

Public expenditures on agriculture at subnational-levels and household-level agricultural outcomes in Nigeria

Takeshima

Smart

Edeh

et al. 2020

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in 1975, provides research-based policy solutions to sustainably reduce poverty and end hunger and malnutrition. IFPRI's strategic research aims to foster a climate-resilient and sustainable food supply; promote healthy diets and nutrition for all; build inclusive and efficient markets, trade systems, and food industries; transform agricultural and rural economies; and strengthen institutions and governance. Gender is integrated in all the Institute's work. Partnerships, communications, capacity strengthening, and data and knowledge management are essential components to translate IFPRI's research from action to impact. The Institute's regional and country programs play a critical role in responding to demand for food policy research and in delivering holistic support for country-led development. IFPRI collaborates with partners around the world.

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“…We do not find any evidence that capital account openness, based on the Chinn and Ito (2006) index, affects the transmission of changes in EPU across countries. 31 For a more comprehensive discussion on the choice of controls and their link with key macroaggregates, see Grigoli et al (2018). 32 The low R 2 can be explained by the heterogeneity of countries included in our sample.…”

mentioning

confidence: 99%

Fear thy neighbor: Spillovers from economic policy uncertainty

Biljanovska

Grigoli

Hengge

2021

Rev International Economics

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Since the outbreak of the Global Financial Crisis (GFC) in 2008, some events in key advanced and emerging economies contributed to a notable increase in economic policy uncertainty (EPU). In the United States (US), for example, discussions over the debt ceiling, threats of trade agreement annulments and re-negotiations, and the possibility of a fiscal expansion financed by changes to the tax system made policies harder to predict and resulted in repercussions for partner countries. In Europe, Brexit negotiations, fiscal challenges, and major elections in some countries had similar effects. In China, the leadership transition and currency adjustments had local effects, but also generated global spillovers. In some instances, regional and global events-rather than country-specific ones-marked steep increases in global uncertainty, as in the case of the Arab spring and the immigration crisis in Europe, among others.High levels of EPU revamped the debate about its impact on economic activity. While EPU has commonly a negative connotation, its sole meaning refers to uncertainty surrounding future policy, which does not necessarily imply a higher probability of implementing a policy that yields a worse

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Saving in the world

Cited by 45 publications

References 36 publications

Reexamining the National Savings-Investment Nexus Across Time and Countries

Reexamining the National Savings-Investment Nexus Across Time and Countries

Public expenditures on agriculture at subnational-levels and household-level agricultural outcomes in Nigeria

Fear thy neighbor: Spillovers from economic policy uncertainty

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