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An integral part of global current account imbalances is the large and persistent current account surplus developing Asia has run since the 1997-1998 Asian crisis. A country's current account surplus is, by definition, equal to its net saving. The central objective of this paper is to...
Persistent link: https://www.econbiz.de/10003832264
This paper considers the quantitative role of growth in the size of the social security program in contributing to the collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model this paper shows that social security may not be to...
Persistent link: https://www.econbiz.de/10003872414
This paper presents data on Japan’s household saving rate, considers the reasons for Japan’s high household saving rate in the past and the reasons for the recent decline therein, projects future trends in Japan’s household saving rate, and consider the implications of my findings. It...
Persistent link: https://www.econbiz.de/10003490393
rate; and fourth, the 2004 public pension reform alleviated the intergenerational inequities of Japan’s public pension … ; aging ; household ; household saving ; intergenerational inequity ; Japan ; pension reform ; pensions ; population aging … ; public pensions ; public pension reform ; saving ; social security …
Persistent link: https://www.econbiz.de/10003490425
The consumption of households with liquid financial assets responds much more to transitory income shocks than the permanent-income hypothesis predicts. That is, middle class households with assets act as if they face liquidity constraints. This paper addresses this puzzling observation with a...
Persistent link: https://www.econbiz.de/10003914669
stance, global real interest rates, distorted incentives in credit markets, and financial innovation created the mix of … ; savings glut ; monetary policy ; policy coordination …
Persistent link: https://www.econbiz.de/10003934687
persistence. -- Precautionary savings ; unemployment insurance ; long-term unemployment ; income uncertainty …
Persistent link: https://www.econbiz.de/10003934763
higher marriage rates and higher divorce rates will be associated with higher savings rates in the presence of economies of … marriage and with lower savings rates in the presence of diseconomies of marriage. In the context of traditional gender roles … traditional gender roles and marital status to understanding cross-country variation in gender differentials in savings behavior …
Persistent link: https://www.econbiz.de/10003997600
the United States, we find that 12 percent of aggregate savings is accumulated to finance and self-insure against old … important role in the savings of the wealthy and on aggregate. Moreover, we find that the aggregate and distributional effects … system. -- out-of-pocket medical expenses ; nursing home costs ; means-tested social insurance ; life-cycle savings ; wealth …
Persistent link: https://www.econbiz.de/10008773290
asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the … the particular savings hypothesis. However, if savings out of capital income are substantial so that a certain threshold …
Persistent link: https://www.econbiz.de/10003592897