Modelling the demand for foreign savings in developing countries: Testing a hypothesis with Latin American data
研究了发展中国家对外储蓄需求的决定因素，通过21个拉美国家的投资和国内储蓄方程参数计算弹性，检验了投资需求比国内储蓄供给更活跃时会产生持续对外储蓄需求的假说。
Abstract The demand for foreign savings is an important feature of the economy in many LDCs, and it would be helpful to have a better understanding of its determinants. This paper considers one approach to modelling the demand for foreign savings in LDCs. If the demand for investment shifts out more buoyantly than does the supply of domestic saving in response to current macro‐economic conditions, persistent demand for foreign savings will be generated as a normal feature of the development process. We test this hypothesis with elasticities computed from the parameters of investment and domestic saving equations estimated for a sample of 21 Latin American countries. The empirical results show that in approximately half of the countries in the sample (and most notably in Brazil and in Mexico), the demand for foreign savings is rooted in the parameters of the investment and domestic saving functions. Notes The authors are, respectively, professors at the Columbia University Graduate School of Business and at Rutgers University. They thank the Columbia Business School's Faculty Research Program, which supported Leff's work. They are also grateful to Edmar Bacha, Graciela Chichilnisky, Stephen Englander, Duncan Foley, Alberto Giovannini, and Bruce Lehmann for their comments on an earlier draft. They also thank C. B. Laks, E. Gruca, and A. Leff for research assistance beyond the call of duty. The authors bear sole responsibility for the article's deficiencies.