文章基本信息

标题：The Decline in Private Saving Rates in the 1990s in OECD Countries
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作者：Alain de Serres ; Florian Pelgrin
期刊名称：Economics Department Working Papers / OECD
印刷版ISSN：0259-4633
出版年度：2002
卷号：2002
DOI：10.1787/241254248236
出版社：Organisation for Economic Co-operation and Development (OECD)
摘要：The substantial decline in private-sector saving rates observed in several OECD countries in the late 1990s coincided in several cases with a sharp increase in household financial net worth. This was seen by many observers as evidence that the strong rise in equity and residential property prices during the late 1990s had been treated by households as a permanent increase in wealth, leading to an unsustainable drop in saving and raising fears of an eventual negative wealth effect. Applying estimation techniques for systems of dynamic panel equations, this paper looks at basic determinants of private saving for a sample of 15 OECD countries and finds that the sharp decline in saving observed after 1995 can be largely explained, even in a post-sample fashion, by fundamentals other than financial wealth. Among the determinants, the rise in public-sector saving is found to have contributed the most to the decline in private saving between 1995 and 2000. Based on this ...
关键词：panel estimates; wealth effects; private saving