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Year: 1998 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Year: 1998 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Year: 1998 Publisher: London Centre For Economic Policy Research. Discussion Paper Nr. 2001 - International Macroeconomics
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Year: 1998 Publisher: Cambridge National Bureau Of Economic Research. Working Paper Nr. 6498
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Year: 1998 Publisher: Cambridge, Mass. National Bureau of Economic Research
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We document a striking empirical regularity: Latin American savings rates are as a rule substantially less procyclical than for OECD countries and in some cases are actually countercyclical. We build a non-representative agent intertemporal macroeconomic model that rationalizes this phenomenon as the equilibrium outcome of interaction between multiple groups that have common access to aggregate income. We conclude by suggesting that institutional reform may hold the key to improving the cyclical behavior of savings in Latin America.
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Year: 1998 Publisher: Cambridge, Mass. National Bureau of Economic Research
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We analyze an economy that lacks a strong legal-political institutional infrastructure an dis populated by multiple powerful groups. Powerful groups dynamically interact via fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow economic growth and a voracity effect,' by which a shock, such as a terms of trade windfall, perversely generates a more than proportionate increase in fiscal redistribution and reduces growth. We also show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks.
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