A rising savings rate can have several effects on the economy, including:

1. _Higher Interest Rates_: As savings increase, banks and other financial institutions may have more funds to lend, leading to higher interest rates as they compete for borrowers.

2. _Increased Financial Inflows_: A rising savings rate can attract foreign investors, leading to increased financial inflows and supporting the exchange rate.

3. _Reduced Dependence on Foreign Capital_: With a higher savings rate, a country may be less dependent on foreign capital to finance its economic activities.

4. _Increased Investment_: Higher savings can lead to increased investment in the economy, as individuals and businesses have more funds available to invest.

5. _Economic Growth_: A rising savings rate can lead to increased economic growth, as investment and consumption increase.

6. _Reduced Inflationary Pressures_: Higher savings can reduce inflationary pressures, as excess funds are absorbed by the financial system.

7. _Improved Financial Stability_: A rising savings rate can lead to improved financial stability, as individuals and businesses have more funds to absorb financial shocks.

8. _Increased Financial Deepening_: Higher savings can lead to increased financial deepening, as the financial system becomes more developed and sophisticated.

However, it's important to note that a rising savings rate can also have negative effects, such as:

1. _Reduced Consumption_: Higher savings can lead to reduced consumption, as individuals and businesses prioritize saving over spending.

2. _Economic Contraction_: A sudden and large increase in savings can lead to an economic contraction, as consumption and investment decline.

3. _Deflationary Pressures_: Excessive savings can lead to deflationary pressures, as excess funds reduce demand for goods and services.