G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11451
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
URLhttps://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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