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Habit Formation And Precautionary Saving: Evidence From The Korean Household Panel Studies

  • Wooheon Rhee

    ()

    (Department of Economics, Kyunghee University)

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    We examined the evidence of precautionary saving and Constantinides (1990) type habit formation model by using the Korean Household Panel Studies, which has six years of time series observations and thousands of cross section observations. Employing the dynamic panel data estimation method, we found that the estimates of parameters corresponding to the degree of habit formation and precautionary saving are statistically insignificant for food consumption, but statistically significant or at least marginally significant for nondurables and services consumption.

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    File URL: http://www.jed.or.kr/full-text/29-2/Wooheon.pdf
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    Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

    Volume (Year): 29 (2004)
    Issue (Month): 2 (December)
    Pages: 1-19

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    Handle: RePEc:jed:journl:v:29:y:2004:i:2:p:1-19
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    1. Karen E. Dynan, 2000. "Habit Formation in Consumer Preferences: Evidence from Panel Data," American Economic Review, American Economic Association, vol. 90(3), pages 391-406, June.
    2. Andrew B. Abel, 1990. "Asset Prices under Habit Formation and Catching up with the Joneses," NBER Working Papers 3279, National Bureau of Economic Research, Inc.
    3. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
    4. David J. McKenzie, 2001. "Consumption Growth in a Booming Economy: Taiwan 1976-96," Working Papers 823, Economic Growth Center, Yale University.
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