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Who Saves in Ireland? T+L3251he Micro Evidence

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  • Marialuz Moreno Badia
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    Abstract

    This paper provides detailed empirical evidence on the saving behavior of Irish households using micro data from the 1994/95 and 1999/2000 Household Budget Surveys. I employ synthetic cohort techniques to characterize the life cycle profile of saving rates and to examine the response of household saving to house price appreciation. The analysis suggests that households at the peak of their working lives have relatively low savings though there is no evidence of a generational savings gap. Also, despite housing being a major component of Irish households, wealth, there is no strong relationship between savings and housing capital gains.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/131.

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    Length: 33
    Date of creation: 01 May 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/131

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    Related research

    Keywords: Housing prices; Savings; pension; pensions; retirement; disposable income; pension coverage; retirement savings; national pensions; household budget; replacement rates; household expenditure; pension contributions; national accounts; household characteristics; household income; personal pension; household budget surveys; pension plans; private pension; retirement age; pension schemes; household budget survey; consumer price index; company pension; consumption function; national pension; defined benefit; pensioners; real interest rate; pension arrangements; investment managers; pension provision; marginal utility of consumption; occupational pension schemes; health care; dependency ratio; private savings; occupational pension; lifetime earnings; consumption asset; future pension; state pensions; current retirement savings; supplementary pension coverage; employer pension; current pension; total consumption; retirement saving; defined contribution pensions; labor force; pension awareness; pension liabilities; marginal propensity to consume; contribution pensions; consumer confidence; defined benefit schemes; the marginal propensity to consume; personal pensions; private pension plans; labor force participation; consumption declines; substitution effect; pension policies; pension saving; future consumption; national pensions reserve fund; public pensions; pillar pensions; pension income; state pension; retirement pensions; pension plan; pension policy; pension contracts; nondurable goods; tax subsidies; supplementary pension; defined contributions; service pensions; household wealth; pension wealth; pension system; replacement rate; investment objective; pension scheme; private pension coverage; retirement savings accounts; monthly contribution; benefit schemes; consumption relative; pension accounts; retirement annuity; public system; pensions policy; income effect; pension costs; current consumption; pensions awareness campaign;

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    References

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    1. Brigitte C. Madrian & Dennis F. Shea, 2000. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," NBER Working Papers 7682, National Bureau of Economic Research, Inc.
    2. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2006. "Are Americans Saving "Optimally" for Retirement?," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 607-643, August.
    3. Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2004. "Do the Rich Save More?," Journal of Political Economy, University of Chicago Press, vol. 112(2), pages 397-444, April.
    4. A Lusardi & J Skinner & S Venti, 2001. "Saving puzzles and saving policies in the United States," Oxford Review of Economic Policy, Oxford University Press, vol. 17(1), pages 95-115, Spring.
    5. Deaton, Angus, 1985. "Panel data from time series of cross-sections," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 109-126.
    6. Kitamura, Yukinobu & Takayama, Noriyuki & Arita, Fumiko, 2000. "Household Savings in Japan Revisited," Discussion Paper 6, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    7. Eric M. Engen & William G. Gale & Cori R. Uccello, 1999. "The Adequacy of Retirement Saving," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(2), pages 65-188.
    8. Alessie, Rob & Kapteyn, Arie, 2001. "Savings and pensions in The Netherlands," Research in Economics, Elsevier, vol. 55(1), pages 61-82, March.
    9. Hogan, Vincent & O'Sullivan, Pat, 2007. "Consumption and House Prices in Ireland," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2007(3-Autumn), pages 46-61.
    10. Banks, James & Rohwedder, Susann, 2001. "Life-cycle saving patterns and pension arrangements in the U.K," Research in Economics, Elsevier, vol. 55(1), pages 83-107, March.
    11. James Poterba, 1994. "International Comparisons of Household Saving," NBER Books, National Bureau of Economic Research, Inc, number pote94-1.
    12. Engelhardt, Gary V., 1996. "House prices and home owner saving behavior," Regional Science and Urban Economics, Elsevier, vol. 26(3-4), pages 313-336, June.
    13. Browning, Martin & Deaton, Angus & Irish, Margaret, 1985. "A Profitable Approach to Labor Supply and Commodity Demands over the Life-Cycle," Econometrica, Econometric Society, vol. 53(3), pages 503-43, May.
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    Cited by:
    1. Agnese Bicevska & Aleksejs Melihovs & Krista Kalnberzina, 2009. "Savings in Latvia," Discussion Papers 2009/01, Latvijas Banka.

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