What Drives Private Saving around the World?
What Drives Private Saving around the World?:

March 2000 - Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates - which rise with the level and growth rate of real per capita income. Loayza, Schmidt-Hebbel, and Servén investigate the policy...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
1. Verfasser: Loayza, Norman (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 1999
Schlagworte:
Capital Gains
Central Bank
Currencies and Exchange Rates
Debt Markets
Demographic
Developing Countries
Developing Country
Disposable Income
Economic Theory and Research
Emerging Markets
Finance and Financial Sector Development
Financial Literacy
Fiscal Policy
Housing Lending
Income
Inequality
Inflation Episodes
Interest
Interest Rate
Interest Rates
Liberalization
Macroeconomics and Economic Growth
Pension
Pension System
Poverty Reduction
Prices
Private Saving
Private Sector Development
Pro-Poor Growth
Public Policies
Trade
Online-Zugang:DE-522
DE-12
DE-521
DE-1102
DE-1046
DE-1047
DE-858
DE-Aug4
DE-573
DE-M347
DE-92
DE-1051
DE-898
DE-859
DE-860
DE-1049
DE-863
DE-862
DE-523
DE-2070s
DE-M352
DE-Re13
DE-70
DE-128
DE-22
DE-155
DE-150
DE-91
DE-384
DE-473
DE-19
DE-355
DE-703
DE-20
DE-706
DE-29
DE-739
Volltext
Zusammenfassung:March 2000 - Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates - which rise with the level and growth rate of real per capita income. Loayza, Schmidt-Hebbel, and Servén investigate the policy and nonpolicy factors behind saving disparities, using a large panel data set and an encompassing approach including several relevant determinants of private saving. They extend the literature in several dimensions by: · Using the largest data set on aggregate saving assembled to date. · Using panel instrumental variable techniques to correct for endogeneity and heterogeneity. · Performing robustness checks on changes in estimation procedures, data samples, and model specification. Their main empirical findings: · Private saving rates show considerable inertia (are highly serially correlated even after controlling for other relevant factors). · Private saving rates rise with the level and growth rate of real per capita income. So policies that spur development are an indirect but effective way to raise private saving rates. · Predictions of the life-cycle hypothesis are supported in that dependency ratios generally have a negative effect on private saving rates. · The precautionary motive for saving is supported by the finding that inflation - conventionally taken as a summary measure of macroeconomic volatility - has a positive impact on private saving, holding other facts constant. · Fiscal policy is a moderately effective tool for raising national saving. · The direct effects of financial liberalization are largely detrimental to private saving rates. Greater availability of credit reduces the private saving rate; financial depth and higher real interest rates do not increase saving.
[Fortsetzung 1. Abstract] This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand the determinants of saving in developing countries. The study was funded by the Bank's Research Support Budget under the research project Saving in the World: Puzzles and Policies (RPO 681-36). The authors may be contacted at nloayza@worldbank.org or lserven@worldbank.org
Beschreibung:Weitere Ausgabe: Loayza, Norman : What Drives Private Saving around the World?
Beschreibung:1 Online-Ressource (1 online resource (38 p.))

Ähnliche Einträge