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Page 14: Saving-Investment Relationships: Consistent with Perfect Capital ...

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Page 15: Saving-Investment Relationships: Consistent with Perfect Capital ...

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Page 16: Saving-Investment Relationships: Consistent with Perfect Capital ...

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Page 17: Saving-Investment Relationships: Consistent with Perfect Capital ...

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Page 18: Saving-Investment Relationships: Consistent with Perfect Capital ...

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Page 19: Saving-Investment Relationships: Consistent with Perfect Capital ...

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Wudgh/ Lqwhuqdwlrqdo Hfrqrplf Uhylhz 69=7/ ;540;871

Ed{whu/ P1/ 4<<6/ Ilqdqfldo Pdunhw Olqndjhv dqg wkh Lqwhuqdwlrqdo Wudqvplvvlrq ri

Ilvfdo Srolf|/ zrunlqj sdshu/ Xqlyhuvlw| ri Ylujlqld1

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Ed{whu/ P1/ 4<<8/ Lqwhuqdwlrqdo Wudgh dqg Exvlqhvv F|fohv/ lq= J1P1 Jurvvpdq dqg N1

Urjr�/ hgv1/ Kdqgerrn ri Lqwhuqdwlrqdo Hfrqrplfv/ yroxph LLL/ Hovhylhu/ Qhz \run1

Ed|rxpl/ W1/ 4<<3/ Vdylqj0Lqyhvwphqw Fruuhodwlrqv/ LPI Vwd� Sdshuv 6:/ qr1 51

Ehdxgu|/ S1 dqg H1 ydq Zlqfrrs/ 4<<9/ Wkh Lqwhuwhpsrudo Hodvwlflw| ri Vxevwlwxwlrq=

Dq H{sorudwlrq xvlqj d XV Sdqho ri Vwdwh Gdwd/ Hfrqrplfd 96/ 7<808451

Eruhqv}whlq/ H1U1/ 4<;</ Ilvfdo Srolf| dqg Iruhljq Ghew/ Mrxuqdo ri Lqwhuqdwlrqdo Hfr0

qrplfv 59/ 860:81

Ervzruwk/ E1S1/ 4<<6/ Vdylqj dqg Lqyhvwphqw lq d Joredo Hfrqrp|/ Wkh Eurrnlqjv

Lqvwlwxwlrq/ Zdvklqjwrq/ G1F1

Eudxq/ U1D1/ 4<<7/ Wd{ Glvwxuedqfhv dqg Uhdo Hfrqrplf Dfwlylw| lq wkh Srvwzdu Xqlwhg

Vwdwhv/ Mrxuqdo ri Prqhwdu| Hfrqrplfv 66/ 77407951

Exlwhu/ Z1K1/ 4<;7/ Ilvfdo Srolf| lq Rshq/ Lqwhughshqghqw Hfrqrplhv/ QEHU Zrunlqj

Sdshu 475<1

Fdugld/ H1/ 4<<4/ Wkh G|qdplfv ri d Vpdoo Rshq Hfrqrp| lq Uhvsrqvh wr Prqhwdu|/

Ilvfdo/ dqg Surgxfwlylw| Vkrfnv/ Mrxuqdo ri Prqhwdu| Hfrqrplfv 5;/ 74407671

Fkdul/ Y1Y1/ O1M1 Fkulvwldqr/ dqg S1M1 Nhkrh/ 4<<7/ Rswlpdo Ilvfdo Srolf| lq D Exvlqhvv

F|foh Prgho/ Mrxuqdo ri Srolwlfdo Hfrqrp| 435=7/ 94:09851

Fkulvwldqr/ O1M1 dqg P1 Hlfkhqedxp/ 4<<5/ Fxuuhqw Uhdo0Exvlqhvv F|foh Wkhrulhv dqg

Djjuhjdwh Oderu Pdunhw Ioxfwxdwlrqv/ Dphulfdq Hfrqrplf Uhylhz ;5=6/ 76307831

Iduphu/ U1H1D1/ 4<<3/ ULQFH Suhihuhqfhv/ Txduwhuo| Mrxuqdo ri Hfrqrplfv 88=4/ 760931

Ihogvwhlq/ P1 dqg F1 Krulrnd/ 4<;3/ Grphvwlf Vdylqj dqg Lqwhuqdwlrqdo Fdslwdo Iorzv/

Hfrqrplf Mrxuqdo <3/647065<1

Ihogvwhlq/ P1 dqg Edffkhwwd/ S1/ 4<<4/ Qdwlrqdo Vdylqj dqg Lqwhuqdwlrqdo Lqyhvwphqw/

lq= G1 Ehuqkhlp dqg M1 Vkryhq/ hgv1/ Qdwlrqdo Vdylqj dqg Hfrqrplf Shuirupdqfh/

+Xqlyhuvlw| ri Fklfdjr Suhvv/ Fklfdjr,1

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Page 33: Saving-Investment Relationships: Consistent with Perfect Capital ...

Ilqq/ P1J1/ 4<<3/ Rq Vdylqj dqg Lqyhvwphqw lq d Vpdoo Rshq Hfrqrp|/ Mrxuqdo ri

Lqwhuqdwlrqdo Hfrqrplfv 5</ 40541

Judyhooh/ M1J1/ 4<<7/ Wkh Hfrqrplf H�hfwv ri Wd{lqj Fdslwdo Lqfrph/ PLW Suhvv1

Kdqvhq/ J1G1/ dqg U1 Zuljkw/ 4<<5/ Wkh Oderu Pdunhw lq Uhdo Exvlqhvv F|foh Wkhru|/

Txduwhuo| Uhylhz Vsulqj 4<<5/ Ihghudo Uhvhuyh Edqn ri Plqqhdsrolv/ 50451

Lzdprwr/ \1 dqg H1 ydq Zlqfrrs/ 4<<;/ Gr Erughuv PdwwhuB Hylghqfh iurp Mdsdqhvh

Uhjlrqdo Qhw Fdslwdo Iorzv/ Lqwhuqdwlrqdo Hfrqrplf Uhylhz/ iruwkfrplqj1

Nhkrh/ S1 dqg I1 Shuul/ 4<<;/ Lqwhuqdwlrqdo Exvlqhvv F|fohv zlwk Hqgrjhqrxv Pdunhw

Lqfrpsohwhqhvv/ zrunlqj sdshu/ Ihghudo Uhvhuyh Edqn ri Plqqhdsrolv1

Nlqj/ U1J1/ F1L1 Sorvvhu dqg V1W1 Uhehor/ 4<;:/ Surgxfwlrq Jurzwk dqg Exvlqhvv F|fohv=

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Nroopdqq/ U1/ 4<<9d/ Lqfrpsohwh Dvvhw Pdunhwv dqg wkh Furvv0Frxqwu| Frqvxpswlrq

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lq= O1 Ohlghupdq dqg D1 Ud}lq/ hgv1/ Fdslwdo Prelolw|= Wkh Lpsdfw rq Frqvxpswlrq/

Lqyhvwphqw dqg Jurzwk/ +Fdpeulgjh Xqlyhuvlw| Suhvv/ Fdpeulgjh,1

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Page 34: Saving-Investment Relationships: Consistent with Perfect Capital ...

Phqgr}d/ H1J1/ D1 Ud}lq dqg O1O1 Whvdu/ 4<<7/ H�hfwlyh Wd{ Udwhv lq Pdfurhfrqrplfv1

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Prqhwdu| Hfrqrplfv 67/ 5<:06561

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Whvdu/ O1O1 dqg L1P1 Zhuqhu/ 4<<;/ Wkh Lqwhuqdwlrqdol}dwlrq ri Vhfxulwlhv Pdunhwv Vlqfh

wkh 4<;: Fudvk/ Eurrnlqjv Sdshuv rq Ilqdqfldo Vhuylfhv/ iruwkfrplqj1

ydq Zlqfrrs/ H1/ 4<<7/ Zhoiduh Jdlqv iurp Lqwhuqdwlrqdo Ulvnvkdulqj/ Mrxuqdo ri Prq0

hwdu| Hfrqrplfv 67/ 4:805331

ydq Zlqfrrs/ H1/ 4<<9/ DPxowl0Frxqwu| Uhdo Exvlqhvv F|foh Prgho zlwk Khwhurjhqhrxv

Djhqwv/ Vfdqglqdyldq Mrxuqdo ri Hfrqrplfv <;+5,/ 56605841

ydq Zlqfrrs/ H1/ 4<<;d/ Rshq Hfrqrp| Uhdo Exvlqhvv F|foh Prghov= D Pxowl0Frxqwu|

Dssurdfk/ zrunlqj sdshu/ Ihghudo Uhvhuyh Edqn ri Qhz \run1

ydqZlqfrrs/ H1/ 4<<;e/ Lqwudqdwlrqdo yhuvxv Lqwhuqdwlrqdo Vdylqj0Lqyhvwphqw Fr0Pryhphqwv/

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Page 35: Saving-Investment Relationships: Consistent with Perfect Capital ...

lq= J1 Khvv dqg H1 ydq Zlqfrrs/ hgv1/ Lqwudqdwlrqdo Pdfurhfrqrplfv/ +Fdpeulgjh Xql0

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