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We use a life cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using...
Persistent link: https://www.econbiz.de/10010291783
The saving ratio of households in Germany has increased in the past few years when the income trend was weak. This could be due to precautionary saving. In this paper, the importance of precautionary saving against income uncertainty is analyzed empirically using micro data from the German...
Persistent link: https://www.econbiz.de/10010295833
? Zweitens, welche Vorteile hat die Sozialversicherung gegenüber privatem Sparen? Drittens, wie sollen beispielsweise die Risiken …
Persistent link: https://www.econbiz.de/10010304044
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...
Persistent link: https://www.econbiz.de/10010324210
Using unique survey data which includes information on precautionary wealth and its target, we analyze the precautionary saving behavior of Japanese households. Our findings are: 1. Measures for income uncertainty have a positive influence on the target for precautionary wealth but not on...
Persistent link: https://www.econbiz.de/10010332380
konstant halten. Dieses Ziel lässt sich am einfachsten durch Sparen erreichen. Dabei stellt sich die Frage, ob bzw. wie …
Persistent link: https://www.econbiz.de/10011733301
The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...
Persistent link: https://www.econbiz.de/10010308576