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Estimaciones de los Determinantes del Ahorro Voluntario de los Hogares en Chile (1988 Y 1997)

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  • Andrea Butelmann
  • Francisco Gallego

Abstract

This paper develops a multivariate analysis in order to study the determinants of the household saving rate. For this purpose, the paper uses two microeconomic databases for 1988 and 1996-1997. The main results of the paper support the conventional explanations of saving rates: more than 60% of the variation of saving rates explained by the estimated model is related to age (consistently with the Life Cycle Hypothesis) and temporary income (consistently with the Permanent Income Hypothesis). The results also give some support to more recent extensions of the classic theories (for instance, related to the impact of wealth and human capital on saving decisions). Finally, the evidence points out that the effects of some institutions (like credit markets and mandatory saving for retirement) change with different macroeconomic environments.

Suggested Citation

  • Andrea Butelmann & Francisco Gallego, 2001. "Estimaciones de los Determinantes del Ahorro Voluntario de los Hogares en Chile (1988 Y 1997)," Working Papers Central Bank of Chile 97, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:97
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    Cited by:

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    2. Claudio Soto G., 2004. "Unemployment and Consumption in Chile," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 7(1), pages 31-50, April.
    3. Cerda, Rodrigo & Fuentes, J. Rodrigo & García, Gonzalo & Llodrá, José Ignacio, 2015. "Understanding Domestic Savings in Chile," IDB Publications (Working Papers) 7254, Inter-American Development Bank.
    4. Leonardo Villar & David Forero & Carmen Elisa Flórez & Nadia Puerta & Erika Enríquez & Natalia Valencia-López & Juan Pablo Alzate, 2015. "Ahorro e inversión para la vejez," Informes de Investigación 13897, Fedesarrollo.
    5. Eduardo Fuentes, 2010. "Creating incentives for voluntary contributions to pension funds by independent workers: an informal evaluation based on the case of Chile," Working Papers 1012, BBVA Bank, Economic Research Department.
    6. 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.

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