Arrau, Patricio; van Wijnbergen, Sweder - Economics Research, World Bank Group - 1991
The decline in private savings since 1982 is arguably the most important problem in high debt countries. A reversal of the trend is essential if growth is to be restored. Three factors predominate : 1) the extent of intertemporal substitution; 2) attitudes toward risk; and 3) private/public...