What Drives Private Saving Around The World
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| Author | : Norman Loayza |
| Publisher | : |
| Total Pages | : 32 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates - which rise with the level and growth rate of real per capita income.Loayza, Schmidt-Hebbel, and Serveacute;n investigate the policy and nonpolicy factors behind saving disparities, using a large panel data set and an encompassing approach including several relevant determinants of private saving. They extend the literature in several dimensions by:middot; Using the largest data set on aggregate saving assembled to date.middot; Using panel instrumental variable techniques to correct for endogeneity and heterogeneity.middot; Performing robustness checks on changes in estimation procedures, data samples, and model specification.Their main empirical findings:middot; Private saving rates show considerable inertia (are highly serially correlated even after controlling for other relevant factors).middot; Private saving rates rise with the level and growth rate of real per capita income. So policies that spur development are an indirect but effective way to raise private saving rates.middot; Predictions of the life-cycle hypothesis are supported in that dependency ratios generally have a negative effect on private saving rates.middot; The precautionary motive for saving is supported by the finding that inflation - conventionally taken as a summary measure of macroeconomic volatility - has a positive impact on private saving, holding other facts constant.middot; Fiscal policy is a moderately effective tool for raising national saving.middot; The direct effects of financial liberalization are largely detrimental to private saving rates. Greater availability of credit reduces the private saving rate; financial depth and higher real interest rates do not increase saving.This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand the determinants of saving in developing countries. The study was funded by the Bank`s Research Support Budget under the research project Saving in the World: Puzzles and Policies (RPO 681-36). The authors may be contacted at [email protected] or [email protected].
| Author | : Norman Loayza |
| Publisher | : World Bank Publications |
| Total Pages | : 40 |
| Release | : 2000 |
| Genre | : Ahorro |
| ISBN | : |
Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates, which rise with the level and growth rate of real per capita income.
| Author | : Norman Loayza |
| Publisher | : World Bank Publications |
| Total Pages | : 38 |
| Release | : 2000 |
| Genre | : Ahorro |
| ISBN | : |
Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates, which rise with the level and growth rate of real per capita income.
| Author | : Norman Loayza |
| Publisher | : |
| Total Pages | : 32 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Saving rates display considerable variation across countries and over time. This paper investigates empirically the policy and non-policy factors behind these saving disparities using a large, cross-country, time-series data set and following an encompassing approach including a number of relevant private saving determinants. The paper extends the literature in several dimensions. It uses the largest data set on aggregate saving assembled to date and explores both national and private saving determinants. It uses panel instrumental-variable techniques to correct for endogeneity and heterogeneity. Finally, it performs a variety of robustness checks to changes in estimation procedures, data samples, and model specification.
| Author | : Klaus Schmidt-Hebbel |
| Publisher | : World Bank Publications |
| Total Pages | : 184 |
| Release | : 1997-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9780821338520 |
World Bank Technical Paper No. 349. The Bank's approach to water resources development has shifted from one of construction activities to one of improved management quality, creating a new generation of water-related projects and the need for new evaluation procedures. This paper addresses the methodology for economic evaluation of this new group of projects and draws on the experience of the recently approved Mexico Water Resources Management project.
| Author | : Norman Loayza |
| Publisher | : |
| Total Pages | : 24 |
| Release | : 1999 |
| Genre | : |
| ISBN | : |
| Author | : Francesco Grigoli |
| Publisher | : International Monetary Fund |
| Total Pages | : 55 |
| Release | : 2014-11-13 |
| Genre | : Business & Economics |
| ISBN | : 1475545517 |
This paper presents new evidence on the behavior of saving in the world, by extending previous empirical research in five dimensions. First, it is based on a very large and recent database, covering 165 countries from 1981 to 2012. Second, it conducts a robustness analysis across different estimation techniques. Third, the empirical search is expanded by including potential saving determinants identified by theory but not previously considered in the empirical literature. Fourth, the paper explores differences in saving behavior nesting the 2008-10 crisis period and four different country groups. Finally, it also searches for commonalities and differences in behavior across national, private, household, and corporate saving rates. The results confirm in part existing research, shed light on some ambiguous or contradictory findings, and highlight the role of neglected determinants. Compared to the literature, we find a larger number of significant determinants of saving rates, using different estimators, for different periods and country groups, and for different saving aggregates.
| Author | : Klaus Schmidt-Hebbel |
| Publisher | : Cambridge University Press |
| Total Pages | : 213 |
| Release | : 1999-05-13 |
| Genre | : Business & Economics |
| ISBN | : 0521632951 |
A look at major research and policy issues surrounding saving across the world, first published in 1999.
| Author | : Sebastian Edwards |
| Publisher | : |
| Total Pages | : 64 |
| Release | : 1995 |
| Genre | : Interest rates |
| ISBN | : |
This paper analyzes the determinants of savings in the world economy, and discusses why saving ratios have been so uneven across countries. A distinction is made between private and government savings, using panel data for 36 countries, from 1970 to 1992. In particular, it is assumed that government savings are not completely exogenous, and respond to both economic and political (strategic) determinants, along the lines of the recent literature on the political economy of macroeconomic policy. Using instrumental variables estimation methods it is found that per capita growth is one of the most important determinants of both private and public savings. The results indicate that government-run social security systems affect private savings negatively. In addition, the results provide some support for the political economy perspective to government finances, which evidences a different underlying process determining public savings. Public savings tend to be lower in countries with higher political instability. Higher government savings crowd out private savings, but in a less than proportional fashion. Higher levels of foreign savings - i.e. reductions in the current account balance - are associated with lower domestic (both private and public) saving rates, although the degree of offset is also less than proportional. The degree of financial development turns out to be another important determinant of private savings. The results are mixed regarding the role of borrowing constraints - a topic deserving additional research attention.
| Author | : Asli Demirguc-Kunt |
| Publisher | : World Bank Publications |
| Total Pages | : 228 |
| Release | : 2018-04-19 |
| Genre | : Business & Economics |
| ISBN | : 1464812683 |
In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
