The 1990s have seen a renewed interest in issues of capital accumulation and growth. New paradigms for saving, investment, and growth have been advanced to address theoretical and empirical puzzles and to guide the design of better policies. This paper provides a policy-oriented review of recent...

Servén examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country-time series data set. He builds a GARCH-based measure of real exchange rate volatility and finds that it has a strong negative impact on...

This book presents the results of about three years of work finished in early 1992 in the area of private investment and macroeconomic adjustment. Its purpose is to explore the macroeconomic determinants of investment and the causes and cures for the gap between maroeconomic adjustment and...