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Soviet Household Saving Function

  • Byung Yeon Kim

In this paper, the Soviet household saving function is estimated using reconstructed data from the unpublished archival material: the Soviet family budget survey data. In addition, a shortage indicator is developed to capture both household purchasing power in comparison with the availability of consumer goods in the official market and the spillover of the household demand for consumer goods from the official retail market to the secondary one. A long-run solution of the Soviet household saving function, which includes a shortage indicator as one of the independent variables is estimated using these data. The reliability of the long-run solution is confirmed by the short-run dynamics of the Soviet household saving function, which satisfy super-exogeneity, parameter constancy, and several diagnostic tests. The highly significant coefficient of the shortage indicator suggests that Soviet household saving behaviour was affected by shortages of consumer goods during 1965-1989/ Copyright 1997 by Kluwer Academic Publishers

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Paper provided by Department of Economics, University of Leicester in its series Ace Project Memoranda with number 96/14.

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Handle: RePEc:wuk:leiapm:96/14
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  1. Phillips, P.C.B., 1986. "Understanding spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 33(3), pages 311-340, December.
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  6. Chawluk, Antoni & Cross, Rod, 1994. "Zloty and Dollar Balances in Poland 1965-1993," The Manchester School of Economic & Social Studies, University of Manchester, vol. 62(0), pages 41-66, Suppl..
  7. 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.
  8. Kornai, Janos, 1992. "The Socialist System: The Political Economy of Communism," OUP Catalogue, Oxford University Press, number 9780198287766, March.
  9. Chang Gene Hsin, 1993. "The Inconsistencies among Disequilibrium Aggregates," Journal of Comparative Economics, Elsevier, vol. 17(1), pages 70-91, March.
  10. Charemza, Wojciech & Quandt, Richard E, 1982. "Models and Estimation of Disequilibrium for Centrally Planned Economies," Review of Economic Studies, Wiley Blackwell, vol. 49(1), pages 109-16, January.
  11. Podkaminer, Leon, 1989. "Macroeconomic disequilibria in centrally planned economies: Identifiability of econometric models based on the theory of household behavior under quantity constraints," Journal of Comparative Economics, Elsevier, vol. 13(1), pages 47-60, March.
  12. Mario I. Bléjer & Carlo Cottarelli, 1991. "Forced Savings and Repressed Inflation in the Soviet Union; Some Empirical Results," IMF Working Papers 91/55, International Monetary Fund.
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