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Income Uncertainty And Household Saving Behavior
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Book Synopsis Income Uncertainty and Household Savings in China by : Mr.Marcos Chamon
Download or read book Income Uncertainty and Household Savings in China written by Mr.Marcos Chamon and published by International Monetary Fund. This book was released on 2010-12-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese households covering the period 1989-2006, we document that strong average income growth has been accompanied by a substantial increase in income uncertainty. Interestingly, the permanent variance of household income remains stable while it is the transitory variance that rises sharply. A calibration of a buffer-stock savings model indicates that rising savings rates among younger households are consistent with rising income uncertainty and higher saving rates among older households are consistent with a decline in the pension replacement ratio for those retiring after 1997. We conclude that rising income uncertainty and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid-1990s as well as the U-shaped age-profile of savings.
Book Synopsis Income Uncertainty and Household Saving Behavior by : Yu-Chun Regina Chang
Download or read book Income Uncertainty and Household Saving Behavior written by Yu-Chun Regina Chang and published by . This book was released on 1993 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Mr.Joaquim Vieira Ferreira Levy Publisher :International Monetary Fund ISBN 13 :1451855745 Total Pages :32 pages Book Rating :4.4/5 (518 download)
Book Synopsis Household Saving in France by : Mr.Joaquim Vieira Ferreira Levy
Download or read book Household Saving in France written by Mr.Joaquim Vieira Ferreira Levy and published by International Monetary Fund. This book was released on 1994-11-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The household saving ratio in France has undergone very sharp changes over the past two decades, falling dramatically in the first part of the 1980s before rising in more recent years. This paper emphasizes two factors in the evolution of private saving in France. The first relates to perceptions of household income growth and uncertainty, which are likely to have been affected by deteriorating labor market conditions, and which may therefore help to account for the recent increase in saving. The second factor relates to financial deregulation which may have lowered saving and increased its sensitivity to interest rate changes. It is argued that both factors have played some role in the evolution of French household saving.
Book Synopsis Saving Behavior in a Pure Life Cycle Model with Income Uncertainty by : L. J. Irvine
Download or read book Saving Behavior in a Pure Life Cycle Model with Income Uncertainty written by L. J. Irvine and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Income Variability in the Analysis of Household Savings Behavior by : Henry William Kinnucan
Download or read book The Role of Income Variability in the Analysis of Household Savings Behavior written by Henry William Kinnucan and published by . This book was released on 1981 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Saving Behavior in a Pure Life-cycle Model with Income Uncertainty by : Ian Irvine
Download or read book Saving Behavior in a Pure Life-cycle Model with Income Uncertainty written by Ian Irvine and published by Department of Economics, Concordia University. This book was released on 1995 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Household Savings in Selected Southern European Countries Evidence from Cross-Country Micro-Level Data by : Mr. Kamil Dybczak
Download or read book Household Savings in Selected Southern European Countries Evidence from Cross-Country Micro-Level Data written by Mr. Kamil Dybczak and published by International Monetary Fund. This book was released on 2023-07-21 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper looks into the puzzle of low household savings in three Southern European (SE3) countries – Cyprus, Greece, and Portugal. Building on the household saving drivers literature, we employ cross-country micro-level data and investigate the key saving patterns, examining their heterogeneity across households in SE3 countries relative to the EA average. The results confirm the prominent role of income, along with interest rate, inflation, fiscal balance, and debt in shaping household savings in SE3 countries. Quantile regressions employed to analyze saving behavior across the distribution of households suggest that households with lower savings tend to see their savings dip (or dissavings rise) more-than-proportionately with shocks to income, interest rate, inflation, and government balance. Our policy simulations across the distribution of households suggest that targeted rather than universal policy intervention could improve household savings, especially of the most vulnerable ones.
Book Synopsis The U.S. Personal Saving Rate by : Mr.Sam Ouliaris
Download or read book The U.S. Personal Saving Rate written by Mr.Sam Ouliaris and published by International Monetary Fund. This book was released on 2018-06-05 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a time series model for aggregate consumption to predict the U.S. personal saving rate. It then uses the model to test whether there has been a structural break in consumption behavior because of the 2008 financial crisis. Before the crisis, the personal saving rate was trending downwards. However, in 2008 there was a significant rise in the saving rate that continued until the end of 2012, suggesting a permanent change in household behavior. To assess this issue formally, the unknown parameters of the model are estimated using data for 1961Q1-2007Q4, a period which precedes the crisis. The model is then used to predict the saving rate from 2008Q1 onwards and to assess whether the rise in the saving rate after 2008 was due to sizable, but transitory, income/wealth shocks or to changes in the underlying elasticities between saving and its determinants (hence structural). The statistical evidence suggests there was no structural break in the household saving behavior, implying that the rise in the saving rate during 2008-2012 was caused by the negative shocks to income, employment and wealth. This result explains why the saving rate resumed its decline in 2013, as real disposable income, employment and net worth recovered. Assuming that the real growth in these determinants remains strong, the estimated model predicts continued negative pressures on the current account deficit and further external imbalances attributable to the U.S. household sector.
Book Synopsis Household Income Uncertainties Over Three Decades by : James Feigenbaum
Download or read book Household Income Uncertainties Over Three Decades written by James Feigenbaum and published by DIANE Publishing. This book was released on 2011-08 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies the trend in household income uncertainty using a novel approach that measures income uncertainty as the variance of forecast errors at each future horizon separately without imposing parametric restrictions on the underlying income shocks. Household income uncertainty has risen significantly and persistently since the early 1970s. Their measure of near-future uncertainty in total family non-capital income rose 40% between 1971 and 2002. This rising uncertainty is likely due to the increase in variances of both persistent and transitory income shocks. The increase was most pronounced among single-earner households and high-income households. Charts and tables. This is a print on demand report.
Book Synopsis Household Saving and Income Uncertainty: Empirical Evidence and Implications for Monetary Policy by : Kersten Kevin Stamm
Download or read book Household Saving and Income Uncertainty: Empirical Evidence and Implications for Monetary Policy written by Kersten Kevin Stamm and published by . This book was released on 2018 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most households in the US do not own interest bearing assets, a direct contradiction of the common representative agent assumption of New Keynesian models. Using the Survey of Consumer Finances, I document precautionary saving in the economy with a new measure, checking account balance to income ratio. I find that (a) an augmented medium-scale NK model with a precautionary saving motive can match this ratio well; (b) precautionary saving lowers the relative importance of the direct effect of monetary policy; (c) a NK model with precautionary saving relies less on nominal and real frictions; (d) the precautionary saving mechanism leads to lower inflation during economic recoveries; and (e) an extension with downward rigid wages is able to produce an asymmetric response of the economy to monetary policy in line with the recent literature. Given the central role of the mechanism linking saving to income risk for these results and the lack of clear empirical evidence for this relationship, using data on consumption, income and employment growth across 28 MSA from the Consumer Expenditure Survey, I document with an instrumental variable strategy that the consumption-income ratio is positively correlated with employment growth and increases by 0.4 percentage points in response to a one percentage point increase in employment growth. Based on this estimate, a sizable fraction of 42% of the increase in saving between 2006 and 2010 can be attributed to negative employment growth.
Book Synopsis Saving Behavior and Wealth Accumulation in a Pure Life-Cycle Model with Income Uncertainty by : Ian Irvine
Download or read book Saving Behavior and Wealth Accumulation in a Pure Life-Cycle Model with Income Uncertainty written by Ian Irvine and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several models of economic behavior currently compete for an explanation of individual wealth accumulation and savings patterns. In this paper we focus in particular upon the role of income uncertainty, and the role played by a retirement period, during which time expected earnings are zero. We find that income uncertainty can alter savings patterns over the lifecycle significantly, with the greatest influence on the wealth of young individuals. However, its influence on the aggregate stock of wealth is less than earlier theoretical work indicates.
Book Synopsis Precautionary Savings Behavior of Maritally-stressed Households by : Nancy L. Pierce
Download or read book Precautionary Savings Behavior of Maritally-stressed Households written by Nancy L. Pierce and published by . This book was released on 2004 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Precautionary savings theory asserts that income uncertainty provides an incentive to increase saving in the present in order to smooth out future consumption. Most studies of income shocks have tested the effects of occupational hazards. This study extends the theoretical application to maritally-stressed households to determine if they engage in precautionary savings behavior against an anticipated decline in level of living associated with divorce. The 1994-1999 waves of the Panel Study of Income Dynamics provide the data for the analysis. All heads of households are married in 1994. Couples that divorce between 1995 and 1999 are determined divorce-prone (maritally-stressed) in 1994. It is their saving behavior prior to divorce, as measured through household wealth, which is of interest in comparison to households that remain married during the study period. Results show earnings variance between spouses is an important consideration of whether divorce-prone couples are willing to engage in precautionary savings. Where couples earn comparable earnings, divorce-prone households hold higher net wealth than continuously married couples. However, where there are disproportionate earnings between spouses, the saving incentive is diminished. A redistribution of assets and earnings (i.e., alimony and child support) becomes a "divorce tax" for the higher earner and a transfer payment for the lower- or non-earning spouse. The results suggest the spouse engaged in home production or with lower wages is the person most disadvantaged by divorce if the higher earning spouse is disinclined to engage in saving behavior in anticipation of a divorce. This household will have less in accumulated assets that can be distributed at the time of divorce in comparison to other households.
Book Synopsis Precautionary Saving from Different Sources of Income by : Richard H. Adams
Download or read book Precautionary Saving from Different Sources of Income written by Richard H. Adams and published by World Bank Publications. This book was released on 2002 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of past literature has assumed that households in developing countries save at the same marginal rate from all sources of income. But in rural Pakistan households save at very different marginal rates from different sources of income. The marginal propensity to save from those sources of income that are more variable and uncertain --- like external remittances --- is much higher than from those sources of income that are more predictable --- like rental income.
Book Synopsis Precautionary Motives Versus Waiting Options by : Makoto Saito
Download or read book Precautionary Motives Versus Waiting Options written by Makoto Saito and published by . This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Households Saving and Reference Dependent Changes in Income and Uncertainty by : Jae Min Lee
Download or read book Households Saving and Reference Dependent Changes in Income and Uncertainty written by Jae Min Lee and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study contributes to an extension of the discussion of saving by diversifying measures and estimating asymmetric saving responses to assessments of past income and income uncertainty change as well as expectations about future income change. The findings provide insights for financial planners, educators, and policy makers to improve saving decisions.
Book Synopsis Saving and the Accumulation of Wealth by : Albert Ando
Download or read book Saving and the Accumulation of Wealth written by Albert Ando and published by Cambridge University Press. This book was released on 1994-03-25 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking Italy as their field of research, the contributors conduct a coherent analysis of households' saving behaviour.
Book Synopsis Household Savings in Transition Economies by : Cevdet Denizer
Download or read book Household Savings in Transition Economies written by Cevdet Denizer and published by . This book was released on 2000 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Bulgaria, Hungary, and Poland, the higher the relative household income is, the higher the savings rate is. But, surprisingly, savings rates appear to be unaffected by either sector of employment (public or Private) or form of employment. Savings rates are significantly higher for households that do not own their own homes or that own few of the standard consumer durables - possibly because, with no retail credit or mortgage markets, households must save to purchase houses and durables.
