Saving for Development: How Latin America and the Caribbean Can Save More and Better (Executive Summary)

Jun 2016
Serebrisky, Tomás;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 rainy day. This book approaches the question from a slightly different angle. While saving to survive the bad times is important, saving to thrive in the good times is what really counts. People must save to invest in their own and their children's health and education, live productive, fulfilling lives, and end their days in comfort and peace. Firms must save so they can grow productive enterprises that employ more workers in better jobs to produce quality goods for domestic and international markets. Governments must save to build bridges, highways, and airports that support a productive economy, to provide quality services to their citizens, and to assure their senior citizens a dignified, worry-free retirement. In short, countries must save for a sunny day¿a time when everyone can bask in the benefits of growth, prosperity, and well-being. This book explores how households, firms, and governments can address the savings problem in Latin America and the Caribbean in pursuit of that sunny day.