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Risk and Savings: a Taxonomy

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Author Info
Jan Willem Gunning () (Vrije Universiteit Amsterdam)

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Abstract

Risk may induce precautionary saving but it can also reduce saving. The theoretical literature recognizes both possibilities, but favors a positive effect (both for developed and developing countries); the empirical literature is divided, reporting (small) positive effects for developed economies and (large) negative effects for developing countries. We show in a 2-period model how the effect of risk on savings depends not only on preferences but also on the type of risk.

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Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 08-071/2.

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Date of creation: 08 Aug 2008
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Handle: RePEc:dgr:uvatin:20080071

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Related research
Keywords: D11; D91; O12; O16;

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References listed on IDEAS
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  1. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Discussion Papers 96-01, University of Copenhagen. Department of Economics.
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  2. Lusardi, Annamaria, 1998. "On the Importance of the Precautionary Saving Motive," American Economic Review, American Economic Association, vol. 88(2), pages 449-53, May. [Downloadable!] (restricted)
  3. Besley, Timothy, 1995. "Savings, credit and insurance," Handbook of Development Economics, in: Hollis Chenery† & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 36, pages 2123-2207 Elsevier. [Downloadable!] (restricted)
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  4. Deaton, Angus, 1991. "Saving and Liquidity Constraints," Econometrica, Econometric Society, vol. 59(5), pages 1221-48, September. [Downloadable!] (restricted)
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  5. Hahn, F H, 1970. "Savings and Uncertainty," Review of Economic Studies, Blackwell Publishing, vol. 37(1), pages 21-24, January. [Downloadable!] (restricted)
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This page was last updated on 2009-12-10.

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