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Cover IMF Staff Papers
IMF Staff papers, Volume 37 No. 1
International Monetary Fund. Research Dept.
This paper examines factors affecting saving, policy tools, and tax reform. The literature on factors affecting saving and capital formation in industrialized countries is reviewed, and measurement problems are examined. The effect on the saving rate of real rates of return, income redistribution, allocation of saving between corporations and individuals, growth of public and private pension plans, tax incentives, the bequest motive, energy prices, and inflation is considered. The limited tools available to policymakers to affect savings are discussed.
Keywords:
SP; RMSM equation; price level; replacement rate; Polak model; working paper number; Polak object; Private savings; Consumption; Unemployment rate; Income; Personal income; Northern Europe
Cover IMF Staff Papers
A Marriage Between Fund and Bank Models?

Reply to Polak
Mr. Mohsin S. Khan and Mr. Peter J Montiel

first step in such an evaluation is to identify the properties of the model using standard techniques, and a large part of our paper was devoted to this end. Polak objects to our “merged” model, or if you like, to the “marriage” of FM and RMSM. We presume the objection is not directed to the marriage as an analytical device to examine the relationship between the models, but rather implicitly reflects his misgivings about the value of the merged model as a tool for analyzing adjustment with growth issues in developing countries. We do not quarrel with this, and to

Keywords:
SP; RMSM closure; nonnegative balance of payments outcome; Polak's misgiving; bank's RMSM model; merged model; Capacity utilization