This paper examines the time path of saving rates between 1970 and 2010 in Chile, Colombia, and Mexico through the lens of the neoclassical growth model. The findings indicate that two factors, the growth rate of TFP and fiscal policy, are able to account for some of the major fluctuations in saving rates observed during this period. In particular, we find that the model accounts for the low saving rates in Chile compared to Colombia until the late 1980s and the reversal in the saving rates thereafter. Also, a combination of high TFP growth and tax reforms that substantially reduced capital taxation seems to be responsible for the impressive increase in Chile’s saving rate in mid-1980s.

中文翻译：

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拉丁美洲的储蓄率：新古典主义观点

本文通过新古典增长模型的角度考察了智利，哥伦比亚和墨西哥1970年至2010年储蓄率的时间路径。研究结果表明，全要素生产率的增长速度和财政政策这两个因素能够解释这一时期观察到的储蓄率的一些主要波动。特别是，我们发现该模型解释了智利在1980年代后期之前与哥伦比亚相比较低的储蓄率，以及此后储蓄率的逆转。而且，全要素生产率高增长和税制改革相结合，大大降低了资本税，似乎是导致1980年代中期智利储蓄率显着提高的原因。