01976cas a2200265 a 4500 AALejournalIMF006981 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451841848 1018-5941 BD-DhAAL BD-DhAAL Ogaki, Masao. Saving Behavior in Low and Middle-Income Developing Countries : A Comparison / Masao Ogaki, Jonathan Ostry, Carmen Reinhart. Washington, D.C. : International Monetary Fund, 1995. 1 online resource (38 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The impact of changes in real interest rates on saving and growth is a central issue in development economics. According to one familiar view, a financial liberalization program which increases real interest rates should encourage saving, thereby boosting investment and growth. While such liberalizations have indeed typically succeeded in raising real interest rates, their impact on private saving has been mixed. This paper uses macroeconomic data for a sample of countries with diverse income levels to estimate a model in which the intertemporal elasticity of substitution varies with the level of wealth. The estimated parameters are then used to calculate, in the context of a simple endogenous growth model, the responsiveness of saving to real interest rate changes for countries at differing stages of development. Mode of access: Internet Ostry, Jonathan. Reinhart, Carmen. IMF Working Papers; Working Paper ; No. 1995/003 Full text available on IMF http://elibrary.imf.org/view/journals/001/1995/003/001.1995.issue-003-en.xml IMF e-Library