Schrooten, Mechthild; Stephan, Sabine - 2004
Private savings mirror consumption behavior. In Europe, the dynamic of consumption is very low, and at the same time …, savings are increasing. Is this a result of macroeconomic policy? A GMM estimator is used to analyze the determinants of … private saving in the EU?s 15 member states. Our main findings are that savings rates inherit a certain degree of persistence …