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Un Estudio del Ahorro Agregado por Agentes Económicos en Chile

Author

Listed:
  • Herman Bennett
  • Norman Loayza
  • Klaus Schmidt-Heb

Abstract

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.

Suggested Citation

  • Herman Bennett & Norman Loayza & Klaus Schmidt-Heb, 2000. "Un Estudio del Ahorro Agregado por Agentes Económicos en Chile," Working Papers Central Bank of Chile 85, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:85
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    References listed on IDEAS

    as
    1. 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.
    2. Peter C. B. Phillips & Bruce E. Hansen, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," Review of Economic Studies, Oxford University Press, vol. 57(1), pages 99-125.
    3. Janine Aron & John Muellbauer, 2000. "Personal and Corporate Saving in South Africa," World Bank Economic Review, World Bank Group, vol. 14(3), pages 509-544, September.
    4. 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.).
    5. 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.
    6. Norman Loayza & Rashmi Shankar, 2000. "Private Saving in India," World Bank Economic Review, World Bank Group, vol. 14(3), pages 571-594, September.
    7. Pesaran, M Hashem, 1997. "The Role of Economic Theory in Modelling the Long Run," Economic Journal, Royal Economic Society, vol. 107(440), pages 178-191, January.
    8. 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.
    9. 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.
    10. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2000. "What Drives Private Saving Across the World?," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 165-181, May.
    11. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
    12. 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.
    13. Janine Aron & John Muellbauer, 2000. "Personal and Corporate Saving in South Africa," World Bank Economic Review, World Bank Group, vol. 14(3), pages 509-544, September.
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    Cited by:

    1. Andrea Repetto, 2001. "Incentivos al ahorro personal: Lecciones de la economía del comportamiento," Central Banking, Analysis, and Economic Policies Book Series,in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Edit (ed.), Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 7, pages 191-240 Central Bank of Chile.
    2. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El ahorro y el consumo de durables frente al ciclo económico: ¿Consumismo, frugalidad, racionalidad?," Central Banking, Analysis, and Economic Policies Book Series,in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Edit (ed.), Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 5, pages 105-140 Central Bank of Chile.
    3. Alfredo Schclarek & Mauricio Caggia, 2015. "Household Saving and Labor Informality: The Case of Chile," IDB Publications (Working Papers) 6946, Inter-American Development Bank.
    4. Juan Nicolás Hernández A, 2006. "Revisión de los determinantes macroeconómicos del consumo total de los hogares para el caso colombiano," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 24(52), pages 80-109, December.
    5. Francisco A. Gallego & F. Leonardo Hernández, 2003. "Microeconomic effects of capital controls: The chilean experience during the 1990s," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 225-253.
    6. Miguel Székely & Pamela Mendoza & Jonathan Karver, 2015. "Understanding Domestic Saving in Latin America and the Caribbean: The Case of Mexico," IDB Publications (Working Papers) 7278, Inter-American Development Bank.
    7. Alfredo Schclarek & Mauricio Caggia, 2015. "Household Saving and Labor Informality: The Case of Chile," IDB Publications (Working Papers) 89359, Inter-American Development Bank.
    8. Rodrigo Cerda & J. Rodrigo Fuentes & Gonzalo García & José Ignacio Llodrá, 2015. "Understanding Domestic Savings in Chile," IDB Publications (Working Papers) 91437, Inter-American Development Bank.
    9. Juan Pablo Medina & Anella Munro & Claudio Soto, 2008. "What Drives the Current Account in Comodity Exporting Countries? The Cases of Chile and New Zealand," Central Banking, Analysis, and Economic Policies Book Series,in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmidt- (ed.), Current Account and External Financing, edition 1, volume 12, chapter 10, pages 369-434 Central Bank of Chile.
    10. repec:chb:bcchec:v:20:y:2017:i:3:p:052-080 is not listed on IDEAS
    11. Rodrigo Cerda & J. Rodrigo Fuentes & Gonzalo García & José Ignacio Llodrá, 2015. "Understanding Domestic Savings in Chile," IDB Publications (Working Papers) 7254, Inter-American Development Bank.
    12. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El Ahorro y el Consumo de Bienes Durables Frente al Ciclo Económico en Chile: ¿Consumismo, Frugalidad, Racionalidad?," Working Papers Central Bank of Chile 96, Central Bank of Chile.
    13. Miguel Székely & Pamela Mendoza & Jonathan Karver, 2015. "Understanding Domestic Saving in Latin America and the Caribbean: The Case of Mexico," IDB Publications (Working Papers) 91476, Inter-American Development Bank.

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