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Back on Track?: Savings Puzzles in EU-Accession Countries

  • Mechthild Schrooten
  • Sabine Stephan

After the collapse in the early years of transition, saving rates in many EU-accession countries have recovered and remained stable during recent years. This may indicate that the transformation process has come to an end with regard to savings. Is saving behaviour in EU-accession countries now driven by the same forces as it is in market economies? We use a panel data set covering the years 1990 to 1999 to estimate fixed-effects models for domestic and private saving ratios. Central findings: saving is highly persistent; income, growth and institutional reforms cause saving to increase, whereas public saving crowds out private saving. Domestic saving and foreign capital are operating as substitutes. (

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.38634.de/dp306.pdf
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Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 306.

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Length: 31 p.
Date of creation: 2002
Date of revision:
Handle: RePEc:diw:diwwpp:dp306
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  1. S. Fisher & R. Sahay & C. A. Vegh, 1997. "Stabilization and Growth in Transition Economies: The Early Experience," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
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  7. de Melo, Martha & Denizer, Cevdet & Gelb, Alan, 1996. "From plan to market : patterns of transition," Policy Research Working Paper Series 1564, The World Bank.
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  10. Stephen P. Zeldes, . "Consumption and Liquidity Constraints: An Empirical Investigation," Rodney L. White Center for Financial Research Working Papers 16-88, Wharton School Rodney L. White Center for Financial Research.
  11. Tim Callen & Christian Thimann, 1997. "Empirical Determinants of Household Saving; Evidence From OECD Countries," IMF Working Papers 97/181, International Monetary Fund.
  12. Jappelli, Tullio & Pagano, Marco, 1994. "Saving, Growth, and Liquidity Constraints," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 83-109, February.
  13. Jeannine Bailliu & Helmut Reisen, 1998. "Do funded pensions contribute to higher aggregate savings? A cross-country analysis," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 134(4), pages 692-711, December.
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