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Children and Household Savings in the Philippines

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  • Orbeta, Aniceto Jr. C.

Abstract

This paper examines the relationship between household savings and family size. Household savings are important indicators for family welfare not only in terms of its investment and income generation prospects but also, and perhaps more importantly given pervasive borrowing constraints and limited social security coverage, because it provides protection from income shortfalls. Descriptive and multivariate evidence on the relationship of household savings and family size are provided. The endogeneity of family size in the household savings equation, as argued for in the old-age security hypothesis, is properly considered by using instrumental variables estimation technique. The paper uses a recent nationally representative household survey in the analysis. The results show that, on average, the impact of additional children on household savings is negative and that the impact is regressive.

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Bibliographic Info

Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2006-14.

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Length: 24
Date of creation: 2006
Date of revision:
Handle: RePEc:phd:dpaper:dp_2006-14

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Keywords: Philippines; family size; household savings;

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References

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  1. Gersovitz, Mark, 1988. "Saving and development," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 1, chapter 10, pages 381-424 Elsevier.
  2. Joshua D. Angrist & William N. Evans, 1996. "Children and Their Parents' Labor Supply: Evidence from Exogenous Variation in Family Size," NBER Working Papers 5778, National Bureau of Economic Research, Inc.
  3. Musgrove, Philip, 1978. "Determinants of Urban Household Consumption in Latin America: A Summary of Evidence from the ECIEL Surveys," Economic Development and Cultural Change, University of Chicago Press, vol. 26(3), pages 441-65, April.
  4. Stock, James H & Wright, Jonathan H & Yogo, Motohiro, 2002. "A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(4), pages 518-29, October.
  5. Leff, Nathaniel H, 1969. "Dependency Rates and Savings Rates," American Economic Review, American Economic Association, vol. 59(5), pages 886-96, December.
  6. Aniceto C. Orbeta Jr., 2005. "Number of Children and their Education in Philippine Households," Development Economics Working Papers 22669, East Asian Bureau of Economic Research.
  7. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2002. "Instrumental variables and GMM: Estimation and testing," North American Stata Users' Group Meetings 2003 05, Stata Users Group.
  8. De Vos, Susan, 1985. "An Old-Age Security Incentive for Children in the Philippines and Taiwan," Economic Development and Cultural Change, University of Chicago Press, vol. 33(4), pages 793-814, July.
  9. Peek P, 1974. "Household savings and demographic change in the Philippines," ILO Working Papers 153456, International Labour Organization.
  10. Orbeta, Aniceto Jr. C., 2005. "Poverty, Vulnerability and Family Size: Evidence from the Philippines," Discussion Papers DP 2005-19, Philippine Institute for Development Studies.
  11. Peter J. Glick & Alessandra Marini & David E. Sahn, 2007. "Estimating the Consequences of Unintended Fertility for Child Health and Education in Romania: An Analysis Using Twins Data," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(5), pages 667-691, October.
  12. Hubbard, R Glenn, 1986. "Pension Wealth and Individual Saving: Some New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(2), pages 167-78, May.
  13. Paxson, Christina H, 1992. "Using Weather Variability to Estimate the Response of Savings to Transitory Income in Thailand," American Economic Review, American Economic Association, vol. 82(1), pages 15-33, March.
  14. Lall, Somik V. & Suri, Ajay & Deichmann, Uwe, 2005. "Household savings and residential mobility in informal settlements," Policy Research Working Paper Series 3596, The World Bank.
  15. Hammer, Jeffrey S., 1986. "Children and savings in less developed countries," Journal of Development Economics, Elsevier, vol. 23(1), pages 107-118, September.
  16. Orbeta, Aniceto Jr. C., 2005. "Children and the Labor Force Participation and Earnings of Parents in the Philippines," Discussion Papers DP 2005-20, Philippine Institute for Development Studies.
  17. Sandra E. Black & Paul G. Devereux & Kjell G. Salvanes, 2004. "The More the Merrier? The Effect of Family Composition on Children's Education," NBER Working Papers 10720, National Bureau of Economic Research, Inc.
  18. Orazio P. Attanasio & Agar Brugiavini, 2003. "Social Security And Households' Saving," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1075-1119, August.
  19. Harris, Mark N & Loundes, Joanne & Webster, Elizabeth, 2002. "Determinants of Household Saving in Australia," The Economic Record, The Economic Society of Australia, vol. 78(241), pages 207-23, June.
  20. Neher, Philip A, 1971. "Peasants, Procreation, and Pensions," American Economic Review, American Economic Association, vol. 61(3), pages 380-89, June.
  21. Richard A. Easterlin, 1980. "Population and Economic Change in Developing Countries," NBER Books, National Bureau of Economic Research, Inc, number east80-1, July.
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Cited by:
  1. Salas, J.M. Ian S. & Racelis, Rachel H., 2007. "Measuring Economic Lifecycle and Flows across Population Age Groups: Data and Methods in the Application of the NTA in the Philippines," Discussion Papers DP 2007-12, Philippine Institute for Development Studies.
  2. Ismail, Aisha & Rashid, Kashif, 2013. "Determinants of household saving: Cointegrated evidence from Pakistan (1975–2011)," Economic Modelling, Elsevier, vol. 32(C), pages 524-531.

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