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A Comparison of Personal Sector Saving Rates in the UK, US and Italy

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Abstract

We develop the approach of Gokhale, Kotlikoff and Sabelhaus (1996), based on the life-cycle model of savings, to decompose the large differences in the personal sector saving rates between the UK,US and Italy. Our work suggests that the US saving rate is lower principally because Americans on average retire later. The Italian saving rate is high predominantly because Italians are unable to borrow, especially when they are young. We also found that demography and the different tax and benefit systems are able to explain little of the cross-sectional differences in saving rates. The study estimates the size of, and accounts for the possible importance of, intergenerational private transfers in determining saving rates. Download a PDF version (506kb - link above). View Excel data files (or right-click to download): UK, US and Italy.

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Bibliographic Info

Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 150.

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Date of creation: Jun 2001
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Handle: RePEc:nsr:niesrd:150

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Cited by:
  1. Cubadda, Gianluca, 2004. "A Reduced Rank Regression Approach to Coincident and Leading Indexes Building," Economics & Statistics Discussion Papers esdp04022, University of Molise, Dept. EGSeI.
  2. Carriero, Andrea & Kapetanios, George & Marcellino, Massimiliano, 2009. "Forecasting Large Datasets with Bayesian Reduced Rank Multivariate Models," CEPR Discussion Papers 7446, C.E.P.R. Discussion Papers.
  3. Donald, Stephen G. & Fortuna, Nat rcia & Pipiras, Vladas, 2007. "On Rank Estimation In Symmetric Matrices: The Case Of Indefinite Matrix Estimators," Econometric Theory, Cambridge University Press, vol. 23(06), pages 1217-1232, December.
  4. Fujiwara, Ippei & Koga, Maiko, 2004. "A Statistical Forecasting Method for Inflation Forecasting: Hitting Every Vector Autoregression and Forecasting under Model Uncertainty," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 22(1), pages 123-142, March.
  5. Kapetanios, George & Marcellino, Massimiliano, 2006. "Impulse Response Functions from Structural Dynamic Factor Models: A Monte Carlo Evaluation," CEPR Discussion Papers 5621, C.E.P.R. Discussion Papers.
  6. Andrea Carriero & George Kapetanios & Massimiliano Marcellino, 2007. "Forecasting Large Datasets with Reduced Rank Multivariate Models," Working Papers 617, Queen Mary, University of London, School of Economics and Finance.

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