Un Estudio del Ahorro Agregado por Agentes Económicos 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.
|Date of creation:||Dec 2000|
|Contact details of provider:|| Postal: Casilla No967, Santiago|
Phone: (562) 670 2000
Fax: (562) 698 4847
Web page: http://www.bcentral.cl/
More information through EDIRC
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.:
- Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 1999.
"What Drives Private Saving Across the World?,"
Working Papers Central Bank of Chile
47, Central Bank of Chile.
- 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.
- 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.
- Gilbert,Christopher L. & Vines,David (ed.), 2000. "The World Bank," Cambridge Books, Cambridge University Press, number 9780521790956, May.
- Norman Loayza & Rashmi Shankar, 2000. "Private Saving in India," World Bank Economic Review, World Bank Group, vol. 14(3), pages 571-594, September.
- Pesaran, M Hashem, 1997.
"The Role of Economic Theory in Modelling the Long Run,"
Royal Economic Society, vol. 107(440), pages 178-191, January.
- 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.
- Aron, Janine & Muellbauer, John, 2000.
"Personal and Corporate Saving in South Africa,"
CEPR Discussion Papers
2656, C.E.P.R. Discussion Papers.
- Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, December.
- 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.
- 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.
- 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.
- repec:oxf:wpaper:wps/2000-21 is not listed on IDEAS
- 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.
- 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.
- 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.
- 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.).
When requesting a correction, please mention this item's handle: RePEc:chb:bcchwp:85. 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.