Contrary to the traditional view, financial liberalization can reduce private saving in the short run. But in the long run indirect effects of financial liberalization are likely to increase saving. But again, in the long run indirect effects of reform are likely to increasing saving. Better access to foreign financing tends to reduce national saving, with aid flows in particular largely financing consumption. Some economies have achieved lasting increases in their savings rates following increases in foreign aid, however.
Macroeconomic stabilization can both increase and decrease saving.
On the one hand, macroeconomic stability reduces the precautionary motive for saving, thereby decreasing saving. On the other hand, fiscal adjustment through higher public saving raises national saving. The net effect on saving is likely to be positive because growth will increase as a result of stabilization. Rodrik, Dani. 1998. A Study of Transitions from Low to High Saving Rates.