Aug 2016
Author(s): Cavallo, Eduardo A.; Eichengreen, Barry; Panizza, Ugo
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-…
Jun 2016
Author(s): Cavallo, Eduardo A.; Fernández-Arias, Eduardo; Marzani, Matías
This paper shows, using probit analysis, that low national savings increase the risk of macroeconomic crisis. Foreign savings are a poor substitute of national savings not only for domestic…
Jun 2016
Author(s): Cavallo, Eduardo A.
Why should people -and economies- save? The typical answer usually focuses on the need to protect against future shocks, to smooth consumption during hard times, in short, to save for the proverbial…