economic environmental factors that we consider are the degree of financial openness and the extent of legal development. We … institutional development, with a goal of informing the recent debate over the existence and relevance of the "savings glut." The … reverse correlation; greater financial development leads to higher savings. Furthermore, there is no evidence of "excess …

, monetary, trade and financial linkages with the CEs, the levels of institutional development, and international reserves …

and financial linkages with the center economies, and the level of institutional development. In the last two decades, for …, the arrangement of open macro policies such as the exchange rate regime and financial openness are also found to have … financial openness faces a stronger link with the center economies through policy interest rates and real effective exchange …

regional rivalry in hoarding IR as a motivation; and commodity price volatility induces precautionary buffer hoarding. During …

choices, namely monetary independence, exchange rate stability, and financial openness, we find that emerging market countries …