Un estudio del ahorro agregado por agentes económicos en Chile
In: Análisis Empírico del Ahorro en Chile
This paper estimates empirical relations between saving rates and their economic and demographic determinants in Chile. Using annual data for 1960-1997, the paper analyzes saving aggregates by economic agents or sectors: aggregate private-sector saving, corporate and household saving, and public-sector saving. A reduced-form specification of saving rates is used, based on recent consumption and saving theories. Sector offsets are also addressed, including testing for Ricardian Equivalence, household piercing of the corporate veil, and voluntary-mandatory household saving offset. The estimation technique is based on a recent methodology proposed by Pesaran (1997) and Pesaran and Shin (1997) that allows for estimating long-run relations between stationary and integrated variables. In addition to applying a novel estimation technique, this paper makes uses of recent sector saving data made available for Chile. In addition alternative saving measures are used that are consistent with sector changes in net worth. The latter adjust conventional saving measures for consumption expenditure on durable goods, education expenditure, and capital losses from inflation suffered by holders of monetary assets.
(This abstract was borrowed from another version of this item.)
|This chapter was published in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.) Análisis Empírico del Ahorro en Chile, , chapter 3, pages 49-82, 2001.|
|This item is provided by Central Bank of Chile in its series Central Banking, Analysis, and Economic Policies Book Series with number v01c03pp049-082.|
|Contact details of provider:|| Postal: |
Phone: (562) 670 2000
Fax: (562) 698 4847
Web page: http://www.bcentral.cl/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Pesaran, M. Hashem & Smith, Ron, 1995.
"Estimating long-run relationships from dynamic heterogeneous panels,"
Journal of Econometrics,
Elsevier, vol. 68(1), pages 79-113, July.
- Pesaran, M.H. & Smith, R., 1992. "Estimating Long-Run Relationships From Dynamic Heterogeneous Panels," Cambridge Working Papers in Economics 9215, Faculty of Economics, University of Cambridge.
- Janine Aron & John Muellbauer & John Muellbauer, 2000.
"Personal and Corporate Saving in South Africa,"
Economics Series Working Papers
WPS/2000-21, University of Oxford, Department of Economics.
- Aron, Janine & Muellbauer, John, 2000. "Personal and Corporate Saving in South Africa," CEPR Discussion Papers 2656, C.E.P.R. Discussion Papers.
- Janine Aron & John Muellbauer, 2000. "Personal and corporate saving in South Africa," CSAE Working Paper Series 2000-21, Centre for the Study of African Economies, University of Oxford.
- Francisco Gallego & Norman Loayza, 2000.
"Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects,"
Working Papers Central Bank of Chile
75, Central Bank of Chile.
- Francisco Gallego Y. & Norman Loayza., 2000. "Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 3(2), pages 5-30, August.
- Francisco A. Gallego & Norman Loayza, 2000. "Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects," Econometric Society World Congress 2000 Contributed Papers 1115, Econometric Society.
- Pesaran, M.H., 1996.
"The Role of Economic Theory in Modelling the Long Run,"
Cambridge Working Papers in Economics
9612, Faculty of Economics, University of Cambridge.
- Pesaran, M Hashem, 1997. "The Role of Economic Theory in Modelling the Long Run," Economic Journal, Royal Economic Society, vol. 107(440), pages 178-91, January.
- Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, March.
- Mohammad Hashem Pesaran & Richard J Smith & Yongcheol Shin, 1999.
"Structural analysis of vector error correction models with exogenous I(1) variables,"
ESE Discussion Papers
38, Edinburgh School of Economics, University of Edinburgh.
- Pesaran, M. Hashem & Shin, Yongcheol & Smith, Richard J., 2000. "Structural analysis of vector error correction models with exogenous I(1) variables," Journal of Econometrics, Elsevier, vol. 97(2), pages 293-343, August.
- Pesaran, M. H. & Shin, Y. & Smith, R. J., 1997. "Structural Analysis of Vector Error Correction Models with Exogenous I(1) Variables," Cambridge Working Papers in Economics 9706, Faculty of Economics, University of Cambridge.
- Loayza, N. & Schmidt, K. & Serven, L., 1999.
"What Drives Private Saving Across the World?,"
47, Cambridge - Risk, Information & Quantity Signals.
- International Monetary Fund, 1999.
"Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions,"
IMF Working Papers
99/128, International Monetary Fund.
- Haque, N. U. & Pesaran, M. H. & Sharma, Sunil, 1999. "Neglected Heterogeneity and Dynamics in Cross-country Savings Regressions," Cambridge Working Papers in Economics 9904, Faculty of Economics, University of Cambridge.
- Erik Haindl R. & Rodrigo Fuentes, 1986. "Estimación del stock de capital en Chile: 1960-1984," Estudios de Economia, University of Chile, Department of Economics, vol. 13(1 Year 19), pages 39-72, April.
- Julia Lynn Coronado, 1998. "The effects of social security privatization on household saving: evidence from the Chilean experience," Finance and Economics Discussion Series 1998-12, Board of Governors of the Federal Reserve System (U.S.).
- Phillips, Peter C B & Hansen, Bruce E, 1990.
"Statistical Inference in Instrumental Variables Regression with I(1) Processes,"
Review of Economic Studies,
Wiley Blackwell, vol. 57(1), pages 99-125, January.
- Tom Doan, . "FM: RATS procedure to estimate cointegrating vectors using Fully Modified Least Squares," Statistical Software Components RTS00069, Boston College Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:chb:bcchsb:v01c03pp049-082. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudio Sepulveda)
If references are entirely missing, you can add them using this form.