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Un estudio del ahorro agregado por agentes económicos en Chile

In: Análisis Empírico del Ahorro en Chile

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Author Info

  • Herman Bennett

    (Harvard University)

  • Norman Loayza

    (Banco Mundial)

  • Klaus Schmidt-Hebbel

    (Pontificia Universidad Católica de Chile)

Abstract

This paper estimates empirical relations between saving rates and their economic and demographic determinants in Chile. Using annual data for 1960-1997, the paper analyzes saving aggregates by economic agents or sectors: aggregate private-sector saving, corporate and household saving, and public-sector saving. A reduced-form specification of saving rates is used, based on recent consumption and saving theories. Sector offsets are also addressed, including testing for Ricardian Equivalence, household piercing of the corporate veil, and voluntary-mandatory household saving offset. The estimation technique is based on a recent methodology proposed by Pesaran (1997) and Pesaran and Shin (1997) that allows for estimating long-run relations between stationary and integrated variables. In addition to applying a novel estimation technique, this paper makes uses of recent sector saving data made available for Chile. In addition alternative saving measures are used that are consistent with sector changes in net worth. The latter adjust conventional saving measures for consumption expenditure on durable goods, education expenditure, and capital losses from inflation suffered by holders of monetary assets.

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Bibliographic Info

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This chapter was published in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.) Análisis Empírico del Ahorro en Chile, , chapter 3, pages 49-82, 2001.

This item is provided by Central Bank of Chile in its series Central Banking, Analysis, and Economic Policies Book Series with number v01c03pp049-082.

Handle: RePEc:chb:bcchsb:v01c03pp049-082

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References

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  1. Janine Aron & John Muellbauer, 2000. "Personal and Corporate Saving in South Africa," World Bank Economic Review, World Bank Group, World Bank Group, vol. 14(3), pages 509-544, September.
  2. Phillips, Peter C B & Hansen, Bruce E, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 57(1), pages 99-125, January.
  3. Pesaran, M.H. & Smith, R., 1992. "Estimating Long-Run Relationships From Dynamic Heterogeneous Panels," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9215, Faculty of Economics, University of Cambridge.
  4. Pesaran, M.H., 1996. "The Role of Economic Theory in Modelling the Long Run," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9612, Faculty of Economics, University of Cambridge.
  5. Julia Lynn Coronado, 1998. "The effects of social security privatization on household saving: evidence from the Chilean experience," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1998-12, Board of Governors of the Federal Reserve System (U.S.).
  6. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 1999. "What Drives Private Saving Across the World?," Working Papers Central Bank of Chile, Central Bank of Chile 47, Central Bank of Chile.
  7. Pesaran, M. H. & Shin, Y. & Smith, R. J., 1997. "Structural Analysis of Vector Error Correction Models with Exogenous I(1) Variables," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9706, Faculty of Economics, University of Cambridge.
  8. Erik Haindl R. & Rodrigo Fuentes, 1986. "Estimación del stock de capital en Chile: 1960-1984," Estudios de Economia, University of Chile, Department of Economics, University of Chile, Department of Economics, vol. 13(1 Year 19), pages 39-72, April.
  9. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198774501, October.
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Cited by:
  1. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El ahorro y el consumo de durables frente al ciclo económico: ¿Consumismo, frugalidad, racionalidad?," Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Edi (ed.), Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 5, pages 105-140 Central Bank of Chile.
  2. Juan Pablo Medina G. & Anella Munro & Claudio Soto G., 2007. "What Drives the Current Account in Commodity-Exporting Countries? The Cases of Chile and New Zealand," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 10(3), pages 67-114, December.
  3. Andrea Repetto, 2001. "Incentivos al ahorro personal: Lecciones de la economía del comportamiento," Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Edi (ed.), Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 7, pages 191-240 Central Bank of Chile.
  4. Francisco A. Gallego F & Leonardo Hernández, 2003. "Microeconomic Effects of Capital Controls: The Chilean Experience During the 1990s," Working Papers Central Bank of Chile, Central Bank of Chile 203, Central Bank of Chile.
  5. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El Ahorro y el Consumo de Bienes Durables Frente al Ciclo Económico en Chile: ¿Consumismo, Frugalidad, Racionalidad?," Working Papers Central Bank of Chile, Central Bank of Chile 96, Central Bank of Chile.

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