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We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate...
Persistent link: https://www.econbiz.de/10013157843
alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and … the potential benefits of mixed systems in which a PAYG system with notional accounts is complemented by a funded pensions … on the savings rate, capital accumulation, productivity and the labour supply. These effects must be taken into account …
Persistent link: https://www.econbiz.de/10012207196
The present study examines the inter-relationship between economic growth, savings rate and inflation for south … between savings rate and growth has been found to be bi-directional and positive. Inflation has a highly significant negative … effect on growth but positive effect on savings rate. Inflation is not affected by growth but is largely determined by its …
Persistent link: https://www.econbiz.de/10012723525
The aim of this paper is to analyze the cause and effect relationship between economic growth and savings in advanced … the existence of one-way casual relationship between gross domestic savings and gross domestic product in the case of … relationship between gross domestic product and gross domestic savings both in developed economies and developing and transition …
Persistent link: https://www.econbiz.de/10009313678
China's growth is characterized by massive capital accumulation, made possible by high and increasing domestic savings …. In this paper we develop a model with the aim of explaining why savings rates have been high and increasing, and we … investigate the general equilibrium effects on capital accumulation and growth. We show that increased savings and capital …
Persistent link: https://www.econbiz.de/10009753232
This paper shows that uninsured risk and borrowing constraints can make an individual's marginal propensity to consume negatively dependent on his/her permanent income. Therefore, higher income growth can lead to higher saving rates without requiring (or causing) high interest rates – in sharp...
Persistent link: https://www.econbiz.de/10013150935
Life cycle savings is proposed as one explanation for much of the increase in savings and economic growth in Asia. The … association between the age composition of a nation's population and its savings rate, observed within 16 Asian countries from … savings is exogenous. Specification tests as well as common sense imply, moreover, that lagged savings is likely to be …
Persistent link: https://www.econbiz.de/10013318826
Persistent link: https://www.econbiz.de/10002532204
Life cycle savings is proposed as one explanation for much of the increase in savings and economic growth in Asia. The … association between the age composition of a nation's population and its savings rate, observed within 16 Asian countries from … savings is exogenous. Specification tests as well as common sense imply, moreover, that lagged savings is likely to be …
Persistent link: https://www.econbiz.de/10011609371
This paper extends the economic growth model tested by Levine and Zervos (1998) by including a measure for capital allocation efficiency proxied by stock price informativeness. Using a sample of 59 countries, this study finds that stock price informativeness as measured by firm-specific return...
Persistent link: https://www.econbiz.de/10013121128