Rapid trade liberalization is often followed by a surge of imports and a deterioration in the current account. The macroeconomic counterpart of this is a decline in private savings. This paper discusses the impact of policy uncertainty on private savings. The author uses the Ordinal Certainty Equivalence approach to establish that trade policy uncertainty by itself will further reduce savings if: (a) there is a positive risk aversion; and (b) the...
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INFORMATION
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1990/10/31
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Document de travail de recherche sur les politiques
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WPS520
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1
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1
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2010/07/01
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Trade reform, policy uncertainty, and the current account
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private saving
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