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Polarization of household saving in Poland during financial crisis 2007-2010

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  • Barbara Liberda

    ()
    (Faculty of Economic Sciences, University of Warsaw)

  • Marek Pęczkowski

    ()
    (Faculty of Economic Sciences, University of Warsaw)

Abstract

In this paper we analyse the changing structure of Polish households with regard to the household saving rates in 2007-2010 and compare it with similar distribution of household saving during 1997-2000. The analysis is based on the household budget panel data from three panels of 15,000 of Polish households selected by authors for years 2007-2008, 2008-2009 and 2009-2010 from the Household Budget Surveys for 2007-2010. We estimate the long-term ergodic distribution of households according to saving rates. Our results show that the long term distribution of households reveals a tendency towards polarization of households with regard to saving rates. Comparing these results with the Authors’ previous research for 1997-2000 for Poland we indicate that between 1997-2000 and 2007-2010 the change in polarization of households was asymmetrical towards the highest saving rate groups. That explains why Polish households could maintain the increase in savings during the financial crisis of 2007-2010.

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File URL: http://www.wne.uw.edu.pl/inf/wyd/WP/WNE_WP85.pdf
File Function: First version, 2012
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Bibliographic Info

Paper provided by Faculty of Economic Sciences, University of Warsaw in its series Working Papers with number 2012-19.

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Length: 13 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:war:wpaper:2012-19

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Keywords: household; saving; polarization; Markov matrix; ergodic distribution; panel analysis;

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  1. Carroll, Christopher D, 1994. "How Does Future Income Affect Current Consumption?," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 111-47, February.
  2. James M. Poterba, 1994. "Introduction to "International Comparisons of Household Saving"," NBER Chapters, in: International Comparisons of Household Saving, pages 1-10 National Bureau of Economic Research, Inc.
  3. Urban J. Jermann & Marianne Baxter, 1999. "Household Production and the Excess Sensitivity of Consumption to Current Income," American Economic Review, American Economic Association, vol. 89(4), pages 902-920, September.
  4. James Poterba, 1994. "International Comparisons of Household Saving," NBER Books, National Bureau of Economic Research, Inc, number pote94-1.
  5. Ashoka Mody & Franziska Ohnsorge & Damiano Sandri, 2012. "Precautionary Savings in the Great Recession," IMF Economic Review, Palgrave Macmillan, vol. 60(1), pages 114-138, April.
  6. Carroll, Christopher D., 2009. "Precautionary saving and the marginal propensity to consume out of permanent income," CFS Working Paper Series 2009/16, Center for Financial Studies (CFS).
  7. Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244.
  8. Flavin, Marjorie A, 1981. "The Adjustment of Consumption to Changing Expectations about Future Income," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 974-1009, October.
  9. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December.
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