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Determinants of private saving with special reference to the role of social security : cross country tests

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  • Modigliani, Franco.
  • Sterling, Arlie.

Abstract

The aim of this paper is to develop and test hypotheses designed to explain international differences in saving behaviour. These hypotheses are derived from the life cycle hypothesis, which suggests that such differences may be explained by differences in the rate of growth of per capita income, length of retirement, demographic factors and the availability of social security retirement pensions. Attention is focused on the role played by social security. The life cycle hypothesis explains much of the international variation in saving behaviour, and although one can identify both savings replacement and induced retirement effects for social security they appear almost to offset each other.
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Suggested Citation

  • Modigliani, Franco. & Sterling, Arlie., 1981. "Determinants of private saving with special reference to the role of social security : cross country tests," Working papers 1209-81., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    • Handle: RePEc:mit:sloanp:1986
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    File URL: http://hdl.handle.net/1721.1/1986
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    Keywords

    HD28 .M414 no.1209-; 81;

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