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Saving and Capital Market Imperfections: The Italian Experience

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  • Guiso, Luigi
  • Jappelli, Tullio
  • Terlizzese, Daniele

Abstract

Italy's saving rate is high by international standards, even when differences in growth are taken into account. The authors argue that credit and insurance market imperfections provide a plausible explanation for the high Italian saving rate. They also reject the potential roles of the public sector, informal financial arrangements, bequests, and the slope of the earnings profile as alternative explanations of the evidence. Copyright 1992 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1992. " Saving and Capital Market Imperfections: The Italian Experience," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 197-213.
  • Handle: RePEc:bla:scandj:v:94:y:1992:i:2:p:197-213
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    Cited by:

    1. Tullio Jappelli & Immacolata Marino & Mario Padula, 2014. "Households' Saving and Debt in Italy," Politica economica, SocietĂ  editrice il Mulino, issue 2-3, pages 175-202.
    2. Maclennan, Duncan & Muellbauer, John & Stephens, Mark, 1998. "Asymmetries in Housing and Financial Market Institutions and EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 54-80, Autumn.
    3. Kirsanova, Tatiana & Sefton, James, 2007. "A comparison of national saving rates in the UK, US and Italy," European Economic Review, Elsevier, vol. 51(8), pages 1998-2028, November.
    4. Robert Buckley & Gulmira Karaguishiyeva & Robert Order & Laura Vecvagare, 2006. "Mortgage credit risk in EU countries: Constraints on exploiting the single currency market," European Journal of Law and Economics, Springer, vol. 21(1), pages 13-27, January.

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