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Saving, Growth and Liquidity Constraints

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Author Info
Jappelli, Tullio
Pagano, Marco

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Abstract

In the context of an overlapping generations model, we show that liquidity constraints on households: (i) raise the saving rate; (ii) strengthen the effect of growth on saving; and (iii) increase the growth rate if productivity growth is endogenous. These propositions are supported by cross-country regressions of saving and growth rates on indicators of liquidity constraints on households. The results suggest that financial deregulation in the 1980s has contributed to the decline in national saving rates in the OECD countries and that the process of financial integration in the European Community may lead to a further reduction in saving and growth rates.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 662.

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Date of creation: May 1992
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Handle: RePEc:cpr:ceprdp:662

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Related research
Keywords: Growth Liquidity Constraints Saving

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Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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