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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP11451 |
DP11451 Can Countries Rely on Foreign Saving for Investment and Economic Development? | |
Ugo Panizza; Eduardo Cavallo | |
发表日期 | 2016-08-22 |
出版年 | 2016 |
语种 | 英语 |
摘要 | A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using foreign finance for extended periods. While many of these episodes are in low-income countries where official finance is more important than private finance, this paper also identifies a number of episodes where a substantial fraction of domestic investment was financed via private capital inflows. That said, foreign savings are not a good substitute for domestic savings, since more often than not episodes of large and persistent current account deficits do not end happily. Rather, they end abruptly with compression of the current account, real exchange rate depreciation, and a sharp slowdown in investment. Summing over the deficit episode and its aftermath, growth is slower than when countries rely on domestic savings. The paper concludes that financing growth and investment out of foreign savings, while not impossible, is risky. |
主题 | International Macroeconomics and Finance |
关键词 | Current account Growth Volatility Savings |
URL | https://cepr.org/publications/dp11451 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540265 |
推荐引用方式 GB/T 7714 | Ugo Panizza,Eduardo Cavallo. DP11451 Can Countries Rely on Foreign Saving for Investment and Economic Development?. 2016. |
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