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

  • Andrea Butelmann
  • Francisco Gallego

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.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 97.

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Date of creation: May 2001
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Handle: RePEc:chb:bcchwp:97
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  1. Christopher D Carroll, 1997. "Why Do the Rich Save So Much?," Economics Working Paper Archive 388, The Johns Hopkins University,Department of Economics.
  2. Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244, March.
  3. Tullio Jappelli & Marco Pagano, 1997. "The Determinants of Savings: Lessons from Italy," Research Department Publications 3012, Inter-American Development Bank, Research Department.
  4. Orazio P. Attanasio & Martin Browning, 1993. "Consumption over the Life Cycle and over the Business Cycle," NBER Working Papers 4453, National Bureau of Economic Research, Inc.
  5. 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.
  6. Orazio P. Attanasio & Hamish Low, 2004. "Estimating Euler Equations," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(2), pages 405-435, April.
  7. Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999. "Consumption Over the Life Cycle," NBER Working Papers 7271, National Bureau of Economic Research, Inc.
  8. Richard Blundell & Martin Browning & Costas Meghir, 1993. "Consumer demand and the life-cycle allocation of household expenditures," IFS Working Papers W93/11, Institute for Fiscal Studies.
  9. Bjorn Frank & Guenther G. Schulze, 2000. "Deterrence versus Intrinsic Motivation: Experimental Evidence on the Determinants of Corruptibility," Econometric Society World Congress 2000 Contributed Papers 0950, Econometric Society.
  10. Christopher D. Carroll & Lawrence H. Summers, 1991. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Chapters, in: National Saving and Economic Performance, pages 305-348 National Bureau of Economic Research, Inc.
  11. Orazio P. Attanasio, 1993. "A Cohort Analysis of Saving Behavior by U.S. Households," NBER Working Papers 4454, National Bureau of Economic Research, Inc.
  12. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  13. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1797-1855, December.
  14. Christopher D. Carroll, 1992. "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 61-156.
  15. 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.).
  16. Christina Paxson, 1995. "Saving and Growth: Evidence from Micro Data," NBER Working Papers 5301, National Bureau of Economic Research, Inc.
  17. Sendhil Mullainathan & Richard H. Thaler, 2000. "Behavioral Economics," NBER Working Papers 7948, National Bureau of Economic Research, Inc.
  18. Eun Young Chah & Valerie A. Ramey & Ross M. Starr, 1991. "Liquidity Constraints and Intertemporal Consumer Optimization: Theory and Evidence From Durable Goods," NBER Working Papers 3907, National Bureau of Economic Research, Inc.
  19. Christopher D. Carroll & Andrew A. Samwick, 1995. "The Nature of Precautionary Wealth," NBER Working Papers 5193, National Bureau of Economic Research, Inc.
  20. Cevdet Denizer & Holger C. Wolf, 1998. "Household Savings in Transition Economies," NBER Working Papers 6457, National Bureau of Economic Research, Inc.
  21. Soledad Arellano & Matías Braun-Llona, 1999. "Rentabilidad de la Educación Formal en Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 36(107), pages 685-724.
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