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Savings and Economies of Marriage: Intra-Marriage Financial Distributions as Determinants of Savings

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  • Shoshana Amyra Grossbard

    ()
    (Department of Economics,San Diego State University)

  • Alfredo Marvão Pereira

    ()
    (Department of Economics, The College of William and Mary)

Abstract

This paper presents an inter-temporal model of individual savings behavior with intra-marriage financial distributions and uncertainty about marriage and divorce. Spouses paying these distributions experience diseconomies of marriage; the spouses who receive them benefit from economies of marriage. We show that higher likelihoods of marriage and divorce are associated with lower (higher) personal savings rates in the presence of diseconomies (economies) of marriage. These results hint at the possibility that structural patterns of social behavior may be at the root of the lack of effectiveness of conventional policy instruments, such as tax incentives, to promote personal savings.

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Bibliographic Info

Paper provided by Department of Economics, College of William and Mary in its series Working Papers with number 95.

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Length: 9 pages
Date of creation: 15 Jul 2013
Date of revision:
Handle: RePEc:cwm:wpaper:95

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Keywords: savings behavior; marriage; divorce; economies of marriage; gender roles;

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  1. Horioka, C.Y., 1991. "Saving in Japan," ISER Discussion Paper 0248, Institute of Social and Economic Research, Osaka University.
  2. Siwan Anderson, 2000. "The Economics of Roscas and Intra-Household Resource Allocation," Econometric Society World Congress 2000 Contributed Papers 1323, Econometric Society.
  3. Phipps, Shelley & Woolley, Frances, 2008. "Control over money and the savings decisions of Canadian households," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(2), pages 592-611, April.
  4. Joseph Lupton & James P. Smith, 1999. "Marriage, Assets, and Savings," Working Papers 99-12, RAND Corporation Publications Department.
  5. Patricia Apps & Ray Rees, 2010. "Family labor supply, taxation and saving in an imperfect capital market," Review of Economics of the Household, Springer, vol. 8(3), pages 297-323, September.
  6. Massimo Guidolin & Elizabeth A. La Jeunesse, 2007. "The decline in the U.S. personal saving rate: is it real and is it a puzzle?," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 491-514.
  7. Jungmin Lee & Mark L. Pocock, 2007. "Intrahousehold allocation of financial resources: evidence from South Korean individual bank accounts," Review of Economics of the Household, Springer, vol. 5(1), pages 41-58, March.
  8. Almudena Sevilla-Sanz, 2010. "Household division of labor and cross-country differences in household formation rates," Journal of Population Economics, Springer, vol. 23(1), pages 225-249, January.
  9. Stephanie Seguino & Maria Sagrario Floro, 2003. "Does Gender have any Effect on Aggregate Saving? An empirical analysis," International Review of Applied Economics, Taylor & Francis Journals, vol. 17(2), pages 147-166.
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