What Drives Private Saving Across the World?
AbstractSaving rates display considerable variation across countries and over time. This paper investigates empirically the policy and nonpolicy factors behind these saving disparities using a large, cross-country, time-series data set and following an encompassing approach including a number of relevant private saving determinants. The paper extends the literature in several dimensions. It uses the largest data set on aggregate saving assembled to date and explores both national and private saving determinants. It uses panel instrumental-variable techniques to correct for endogeneity and heterogeneity. Finally, it performs a variety of robustness checks to changes in estimation procedures, data samples, and model specification. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
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Bibliographic InfoArticle provided by MIT Press in its journal The Review of Economics and Statistics.
Volume (Year): 82 (2000)
Issue (Month): 2 (May)
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Web page: http://mitpress.mit.edu/journals/
Other versions of this item:
- Loayza, N. & Schmidt, K. & Serven, L., 1999. "What Drives Private Saving Across the World?," Papers 47, Cambridge - Risk, Information & Quantity Signals.
- Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 1999. "What Drives Private Saving Across the World?," Working Papers Central Bank of Chile 47, Central Bank of Chile.
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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