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Demographic change and the UK savings rate

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  • David Demery
  • Nigel Duck
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    Abstract

    Microeconomic data are used to explore the effects of a changing age-structure on the UK's aggregate personal savings rate. The findings suggest that changes to the population's age structure have had detectable, sustained, but, relative to the yearly changes observed in the savings rate over the previous century, modest effects on aggregate personal sector savings. It is estimated that the projected changes to the UK's age structure over the next 40 years are likely to raise the UK's savings rate but by no more than two percentage points. No basis is found for the view that the aggregate savings rate will decline as a result of the anticipated ageing of the UK population.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840500390361
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 38 (2006)
    Issue (Month): 2 ()
    Pages: 119-136

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    Handle: RePEc:taf:applec:v:38:y:2006:i:2:p:119-136

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    1. Amy Finkelstein & James Poterba, 2000. "Adverse Selection in Insurance Markets: Policyholder Evidence from the U.K. Annuity Market," NBER Working Papers 8045, National Bureau of Economic Research, Inc.
    2. James Banks & Richard Blundell & Sarah Tanner, 1995. "Is there a retirement-savings puzzle?," IFS Working Papers W95/04, Institute for Fiscal Studies.
    3. Miles, David K, 1997. "Modelling the Impact of Demographic Change Upon the Economy," CEPR Discussion Papers 1762, C.E.P.R. Discussion Papers.
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    5. N. Gregory Mankiw & David N. Weil, 1990. "The Baby Boom, The Baby Bust, and the Housing Market," NBER Working Papers 2794, National Bureau of Economic Research, Inc.
    6. O. Attanasio & H. W. Hoynes, . "Differential mortality and wealth accumulation," Institute for Research on Poverty Discussion Papers 1079-96, University of Wisconsin Institute for Research on Poverty.
    7. Angus Deaton & Christina Paxson, 2000. "Growth and Saving Among Individuals and Households," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 212-225, May.
    8. Attanasio, Orazio P & Weber, Guglielmo, 1993. "Consumption Growth, the Interest Rate and Aggregation," Review of Economic Studies, Wiley Blackwell, vol. 60(3), pages 631-49, July.
    9. Andrew Chesher, 1997. "Diet Revealed?: Semiparametric Estimation of Nutrient Intake-Age Relationships," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 160(3), pages 389-428.
    10. Weil, David N, 1994. "The Saving of the Elderly in Micro and Macro Data," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 55-81, February.
    11. Andrew Chesher, 1998. "Individual demands from household aggregates: time and age variation in the composition of diet," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 13(5), pages 505-524.
    12. Tullio Jappelli & Franco Modigliani, 1998. "The Age-Saving Profile and the Life-Cycle Hypothesis," CSEF Working Papers 09, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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    Cited by:
    1. Belke, Ansgar & Dreger, Christian & Ochmann, Richard, 2012. "Do Wealthier Households Save More? The Impact of the Demographic Factor," IZA Discussion Papers 6567, Institute for the Study of Labor (IZA).
    2. Øystein Kravdal, 2010. "Demographers’ interest in fertility trends and determinants in developed countries: Is it warranted?," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 22(22), pages 663-690, April.

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