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Can a country grow faster by saving more? We address this question both theoretically and empirically. In our model, growth results from innovations that allow local sectors to catch up with the frontier technology. In relatively poor countries, catching up with the frontier requires the involvement of a foreign investor, who is familiar with the frontier technology, together with e ort on the part of a local bank, who can directly monitor local projects to which the technology must be adapted.doi:10.2139/ssrn.1328359 fatcat:b5ppofld6fantetgqvjqbc4sam