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Household Economic Prudence In Thailand

Author

Listed:
  • SASIWIMON WARUNSIRI PAWEENAWAT

    (Faculty of Economics, Thammasat University, 2 Prachan Road, Phranakorn, Bangkok 10200, Thailand)

Abstract

The countercyclical pattern of saving in Thailand in the 1990s and 2000s raised questions about household saving behaviors in the country. Using constructed pseudo-panel data sets from the Thai Household Socioeconomic Surveys (SESs) from 1992 to 2011, this paper estimates the intensity of the precautionary saving motive, measured by the coefficient of relative prudence of households in Thailand. By using a dynamic pseudo-panel approach to address concerns with regard to individual heterogeneity causing bias in estimation, the estimated relative prudence of Thai households is around 2, which shows a low precautionary saving motive among these households compared to other countries. Estimates based on disaggregation by demographic characteristics show that as a result of the government-assistance policy, older cohorts and those who live in the rural areas show lower prudence.

Suggested Citation

  • Sasiwimon Warunsiri Paweenawat, 2022. "Household Economic Prudence In Thailand," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 67(06), pages 1905-1923, December.
    • Handle: RePEc:wsi:serxxx:v:67:y:2022:i:06:n:s0217590822500114
    DOI: 10.1142/S0217590822500114
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    More about this item

    Keywords

    Precautionary saving; prudence; dynamic pseudo-panel; Thailand;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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