Income Uncertainty and Wealth Accumulation: How Precautionary are Taiwanese Households?
AbstractTo assess how recent job loss impacts wealth accumulation of Taiwanese households, the present study investigates the empirical relevance of the precautionary saving motive to explain measures of wealth during the past 2 decades. This study demonstrates that households facing increased transitory shock accumulate increased amounts of financial and housing wealth, whereas permanent shocks cause households to accumulate housing wealth only. Empirical results suggest an important policy implication: households in Taiwan will save less when social insurance policies are effective in reducing future transitory and permanent shocks to household income. Copyright 2007 The Author Journal compilation 2007 East Asian Economic Association and Blackwell Publishing Ltd. .
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Bibliographic InfoArticle provided by East Asian Economic Association in its journal Asian Economic Journal.
Volume (Year): 21 (2007)
Issue (Month): 3 (09)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1351-3958
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"Golden Eggs and Hyperbolic Discounting,"
The Quarterly Journal of Economics,
MIT Press, vol. 112(2), pages 443-77, May.
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