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How Effective is Fiscal Policy in Raising National Saving?

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Author Info
J. Humberto Lopez
K. Schmidt-Hebbel
Luis Servén

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Abstract

While fiscal adjustment is commonly viewed as the cornerstone of macroeconomic stabilization, the effectiveness of alternative fiscal instruments in raising national saving is still poorly understood. This paper enters the debate by estimating a private consumption function that allows for two types of agents - finite horizons and liquidity constraints - and nests three different consumption hypotheses. Using a large-panel data set that includes both industrial and developing countries, we reject full Ricardian equivalence. We also find substantial differences between industrial and developing countries, regarding both the extent of Ricardian offsetting and the degree to which the government budget constraint is internalized. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Publisher Info
Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 82 (2000)
Issue (Month): 2 (May)
Pages: 226-238
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Handle: RePEc:tpr:restat:v:82:y:2000:i:2:p:226-238

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  1. Griet Malengier & Lorenzo Pozzi, 2005. "Examining Ricardian Equivalence by estimating and bootstrapping a nonlinear dynamic panel model," Money Macro and Finance (MMF) Research Group Conference 2005 61, Money Macro and Finance Research Group. [Downloadable!]
  2. António Afonso, 2008. "Euler testing Ricardo and Barro in the EU," Economics Bulletin, Economics Bulletin, vol. 5(16), pages 1-14. [Downloadable!]
    Other versions:
  3. Lopez, Humberto & Serven, Luis, 2009. "Too poor to grow," Policy Research Working Paper Series 5012, The World Bank. [Downloadable!]
  4. 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. [Downloadable!]
    Other versions:
  5. L. Pozzi & F. Heylen & M. Dossche, 2002. "Government debt and the excess sensitivity of private consumption to current income: an empirical analysis for OECD countries," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 02/155, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  6. Francisco A. Gallego & Klaus Schmidt-Hebbel & Luis Servén, 2004. "General Equilibrium Dynamics of External Shocks and Policy Changes in Chile," Working Papers Central Bank of Chile 271, Central Bank of Chile. [Downloadable!]
  7. Raghbendra Jha, 2007. "Fiscal Policy in Developing Countries: A Synoptic View," ASARC Working Papers 2007-01, Australian National University, Australia South Asia Research Centre. [Downloadable!]
  8. Raghbendra Jha, 2001. "The Challenge of Fiscal Reform in India," ASARC Working Papers 2001-11, Australian National University, Australia South Asia Research Centre. [Downloadable!]
  9. Juan Pablo Medina & Claudio Soto, 2007. "Copper Price, Fiscal Policu and Business Cycle in Chile," Working Papers Central Bank of Chile 458, Central Bank of Chile. [Downloadable!]
  10. G. Malengier & L. Pozzi, 2004. "Examining Ricardian Equivalence by estimating and bootstrapping a nonlinear dynamic panel model," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/274, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  11. António Afonso, 2001. "Government indebtedness and european consumers behaviour," Working Papers 2001/12, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
  12. Loayza, Norman & Schmidt-Hebbel, Klaus & Serven, Luis, 2000. "What drives private saving around the world?," Policy Research Working Paper Series 2309, The World Bank. [Downloadable!]
  13. Ramón A. Castillo Ponce & Jorge Herrera Hernández, 2005. "Efecto del gasto público sobre el gasto privado en México," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 20(2), pages 173-196. [Downloadable!]
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