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|
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- Francisco Gallego Y. & Norman Loayza., 2000.
"Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects,"
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Central Bank of Chile, vol. 3(2), pages 5-30, August.
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- 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.
- 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.).
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9215, Faculty of Economics, University of Cambridge.
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The Review of Economics and Statistics,
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- 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.
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ESE Discussion Papers
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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.
- 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.
- 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.
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- 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.
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- International Monetary Fund, 1999. "Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions," IMF Working Papers 99/128, International Monetary Fund.
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