When does domestic saving matter for economic growth?:
Can a country grow faster by saving more? We address this question both theoretically and empirically. In our model, growth results from innovations that allow local sectors to catch up with the frontier technology. In relatively poor countries, catching up with the frontier requires the involvement...
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2006
|
| Series: | Working paper series / National Bureau of Economic Research
12275 |
| Online Access: | Volltext |
| Summary: | Can a country grow faster by saving more? We address this question both theoretically and empirically. In our model, growth results from innovations that allow local sectors to catch up with the frontier technology. In relatively poor countries, catching up with the frontier requires the involvement of a foreign investor, who is familiar with the frontier technology, together with effort on the part of a local bank, who can directly monitor local projects to which the technology must be adapted. In such a country, local saving matters for innovation, and therefore growth, because it allows the domestic bank to cofinance projects and thus to attract foreign investment. But in countries close to the frontier, local firms are familiar with the frontier technology, and therefore do not need to attract foreign investment to undertake an innovation project, so local saving does not matter for growth. In our empirical exploration we show that lagged savings is significantly associated with productivity growth for poor but not for rich countries. This effect operates entirely through TFP rather than through capital accumulation. Further, we show that savings is significantly associated with higher levels of FDI inflows and equipment imports and that the effect that these have on growth is significantly larger for poor countries than rich. |
| Physical Description: | 29, [11] S. 22 cm |
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| id | DE-604.BV023592206 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:29Z |
| indexdate | 2024-07-09T21:25:12Z |
| institution | BVB |
| language | English |
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| spelling | Aghion, Philippe 1956- Verfasser (DE-588)124546706 aut When does domestic saving matter for economic growth? Philippe Aghion ; Diego A. Comin ; Peter Howitt Cambridge, Mass. National Bureau of Economic Research 2006 29, [11] S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 12275 Can a country grow faster by saving more? We address this question both theoretically and empirically. In our model, growth results from innovations that allow local sectors to catch up with the frontier technology. In relatively poor countries, catching up with the frontier requires the involvement of a foreign investor, who is familiar with the frontier technology, together with effort on the part of a local bank, who can directly monitor local projects to which the technology must be adapted. In such a country, local saving matters for innovation, and therefore growth, because it allows the domestic bank to cofinance projects and thus to attract foreign investment. But in countries close to the frontier, local firms are familiar with the frontier technology, and therefore do not need to attract foreign investment to undertake an innovation project, so local saving does not matter for growth. In our empirical exploration we show that lagged savings is significantly associated with productivity growth for poor but not for rich countries. This effect operates entirely through TFP rather than through capital accumulation. Further, we show that savings is significantly associated with higher levels of FDI inflows and equipment imports and that the effect that these have on growth is significantly larger for poor countries than rich. Comin, Diego 1973- Verfasser (DE-588)128833270 aut Howitt, Peter 1946- Verfasser (DE-588)124546358 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 12275 (DE-604)BV002801238 12275 http://papers.nber.org/papers/w12275.pdf kostenfrei Volltext |
| spellingShingle | Aghion, Philippe 1956- Comin, Diego 1973- Howitt, Peter 1946- When does domestic saving matter for economic growth? |
| title | When does domestic saving matter for economic growth? |
| title_auth | When does domestic saving matter for economic growth? |
| title_exact_search | When does domestic saving matter for economic growth? |
| title_exact_search_txtP | When does domestic saving matter for economic growth? |
| title_full | When does domestic saving matter for economic growth? Philippe Aghion ; Diego A. Comin ; Peter Howitt |
| title_fullStr | When does domestic saving matter for economic growth? Philippe Aghion ; Diego A. Comin ; Peter Howitt |
| title_full_unstemmed | When does domestic saving matter for economic growth? Philippe Aghion ; Diego A. Comin ; Peter Howitt |
| title_short | When does domestic saving matter for economic growth? |
| title_sort | when does domestic saving matter for economic growth |
| url | http://papers.nber.org/papers/w12275.pdf |
| volume_link | (DE-604)BV002801238 |
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