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Impact of Financial liberalization on Private savings rate: Simultaneous equations system approach

(A thesis submitted in partial fulfilment of the requirements for the degree of MASTER OF ARTS IN DEVELOPMENT ECONOMICS, VIETNAM – THE NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS)

By Le Thanh Thanh (VNP 20)

Academic Supervisor: Prof. Nguyen Hoang Bao

ABSTRACT: This paper investigates the impact of financial liberalization on private savings rate. The study covers the data of 58 countries from 1980 to 2005. The Abiad et al (2008) database was used to measure the financial liberalization indices. Three-Stage Least Squares (3SLS) was chosen as the main estimator of this study. The finding results show that financial liberalization has only direct negative effect on private savings rate. Besides that, the findings also show an ambiguous correlation between economic growth and the private saving rate. However, using de jure indicators to measure financial liberalization makes the study can only identify the existence and direction of the impact of financial liberalization on the private savings rate. The intensity of this impact cannot yet be measured.

Keywords: financial liberalization, private savings, simultaneous equations system.

Abbreviations: IMF - The International Monetary Fund; WB - The World Bank; 3SLS - Three-Stage Least Squares.

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Full version is available at Library of Vietnam- Netherland Progamme: 1A Hoang Dieu, Phu Nhuan Dist, Ho Chi Minh city, Vietnam.



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