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Determinants of Private Saving with Special Reference to the Role of Social Security—Cross-country Tests

In: The Determinants of National Saving and Wealth

Author

Listed:
  • Franco Modigliani
  • Arlie Sterling

Abstract

The aim of this paper is to develop and test hypotheses designed to explain international differences in saving behaviour. These hypotheses are derived from the life cycle hypothesis, which suggests that such differences may be explained by differences in the rate of growth of per capita income, length of retirement, demographic factors and the availability of social security retirement pensions. Attention is focused on the role played by social security. The life cycle hypothesis explains much of the international variation in saving behaviour, and although one can identify both savings replacement and induced retirement effects for social security they appear almost to offset each other.

Suggested Citation

  • Franco Modigliani & Arlie Sterling, 1983. "Determinants of Private Saving with Special Reference to the Role of Social Security—Cross-country Tests," International Economic Association Series, in: Franco Modigliani & Richard Hemming (ed.), The Determinants of National Saving and Wealth, chapter 2, pages 24-55, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-17028-9_2
    DOI: 10.1007/978-1-349-17028-9_2
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