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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.
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