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Trends in household saving: a tale of two countries

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  • Orazio Attanasio

    ()
    (Institute for Fiscal Studies and University College London)

  • James Banks

    ()
    (Institute for Fiscal Studies and University of Manchester)

Abstract

In this paper we argue that only when one uses data and arguments relating to the life-time experiences of individuals or households within an economy can one understand recent trends and patterns in saving rates. Only within this framework is it sensible to design and analyse policies to encourage saving either in the population as a whole or in particular groups of households. These issues are becoming increasingly important as income inequality increases, populations age and as proposals relating to tax harmonisation, cross-border capital flows and tax competition begin to take shape — EU member states continue to show very diverse saving behaviour and governments continue to introduce tax incentive schemes designed to help particular groups. To understand the issues relating to the design of policies for household saving one must first understand how life-time profiles of consumption, income and demographic profiles have evolved and are likely to evolve in the future. We present these profiles and show how they can be used as an input into techniques designed to look at the effects of recent demographic and labour market changed on life-cycle savings profiles.

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Bibliographic Info

Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W98/15.

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Length: 66 pp.
Date of creation: Mar 1998
Date of revision:
Handle: RePEc:ifs:ifsewp:98/15

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Cited by:
  1. Patricia Apps, 2003. "Gender, Time Use and Models of the Household," CEPR Discussion Papers 464, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  2. 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.
  3. Sònia Muñoz, 2006. "Wealth Effects in Europe," IMF Working Papers 06/30, International Monetary Fund.
  4. Orazio P. Attanasio & Susann Rohwedder, 2003. "Pension Wealth and Household Saving: Evidence from Pension Reforms in the United Kingdom," American Economic Review, American Economic Association, vol. 93(5), pages 1499-1521, December.
  5. Orazio P. Attanasio & Miguel Székely, 1998. "El ahorro familiar y la distribución del ingreso en México," Research Department Publications 4153, Inter-American Development Bank, Research Department.
  6. Felix Freyland, 2005. "Household Composition and Savings: An Overview," MEA discussion paper series 05087, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  7. William Gale, 1997. "What can America learn from the British tax system?," Fiscal Studies, Institute for Fiscal Studies, vol. 18(4), pages 341-369, November.
  8. Huffman, David B. & Barenstein, Matias, 2004. "Riches to Rags Every Month? The Fall in Consumption Expenditures Between Paydays," IZA Discussion Papers 1430, Institute for the Study of Labor (IZA).
  9. Orazio Attanasio, 1997. "Consumption and saving behaviour: modelling recent trends," Fiscal Studies, Institute for Fiscal Studies, vol. 18(1), pages 23-47, February.
  10. Grant M Scobie & John K Gibson, 2003. "Household Saving Behaviour in New Zealand: Why do Cohorts Behave Differently?," Treasury Working Paper Series 03/32, New Zealand Treasury.
  11. Barbara Liberda, 1999. "Household Saving in Poland," CASE Network Studies and Analyses 0187, CASE-Center for Social and Economic Research.
  12. John K Gibson & Grant M Scobie, 2001. "Household Saving Behaviour in New Zealand: A Cohort Analysis," Treasury Working Paper Series 01/18, New Zealand Treasury.
  13. Orazio P. Attanasio & Miguel Székely, 1998. "Household Savings and Income Distribution in Mexico," Research Department Publications 4152, Inter-American Development Bank, Research Department.
  14. Eva Sierminska & Thesia I. Garner, 2005. "A Comparison of Income, Expenditures, and Home Market Value Distributions Using Luxembourg Income Study Data from the 1990's," Working Papers 380, U.S. Bureau of Labor Statistics.
  15. Garry Young, 2002. "The implications of an ageing population for the UK economy," Bank of England working papers 159, Bank of England.

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