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Swinging since the 60's: Fluctuations in UK Saving and Lessons for Latin America

  • David Begg
  • Stephany Griffith-Jones
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    In the last three decades, gross national saving in the UK has fluctuated widely. Swings in components of national savings have of course been even more marked, since there are sound economic reasons to expect changes in one component (e. g. , private saving) to be at least partially offset by changes in another (e. g. , public saving). Moreover, since the start of the 1980s, national savings behaviour is characterised not merely by fluctuations but by trend decline, the recent upturn notwithstanding. In this paper we explore changes in UK saving and its components, examine theoretical and empirical explanations, discuss implications for policy design, and draw lessons for Latin America.

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    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=R-334&pub_file_name=pubR-334.pdf
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    Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3032.

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    Date of creation: Jun 1998
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    Handle: RePEc:idb:wpaper:3032
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    1. Tamim Bayoumi, 1992. "Financial Deregulation and Household Saving," Bank of England working papers 5, Bank of England.
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    7. Artis, Michael J & Taylor, Mark P, 1989. "Abolishing Exchange Control: The UK Experience," CEPR Discussion Papers 294, C.E.P.R. Discussion Papers.
    8. Daron Acemoglu & Andrew Scott, 1993. "Consumer Confidence and Rational Expectations: Are Agents Beliefs Consistent with the Theory?," CEP Discussion Papers dp0119, Centre for Economic Performance, LSE.
    9. Church, Keith B & Smith, Peter N & Wallis, Kenneth F, 1994. "Econometric Evaluation of Consumers' Expenditure Equations," Oxford Review of Economic Policy, Oxford University Press, vol. 10(2), pages 71-85, Summer.
    10. Miles, David K, 1993. "House Prices, Personal Sector Wealth and Consumption: Some Conceptual and Empirical Issues," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(0), pages 35-59, Suppl..
    11. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-92, December.
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