What Drives Private Saving Across the World?

32 Pages Posted: 13 Sep 2017

See all articles by Norman Loayza

Norman Loayza

World Bank - Research Department

Klaus Schmidt-Hebbel

Pontifical Catholic University of Chile

Luis Servén

World Bank - Development Research Group (DECRG)

Date Written: May 1, 2000

Abstract

Saving rates display considerable variation across countries and over time. This paper investigates empirically the policy and non-policy factors behind these saving disparities using a large, cross-country, time-series data set and following an encompassing approach including a number of relevant private saving determinants. The paper extends the literature in several dimensions. It uses the largest data set on aggregate saving assembled to date and explores both national and private saving determinants. It uses panel instrumental-variable techniques to correct for endogeneity and heterogeneity. Finally, it performs a variety of robustness checks to changes in estimation procedures, data samples, and model specification.

Keywords: Private savings, Estimators, Inflation rates, Savings rates, National savings, Statistical estimation, P values, Instrumental variables estimation, Ratios, Terms of trade

Suggested Citation

Loayza, Norman and Schmidt-Hebbel, Klaus and Servén, Luis, What Drives Private Saving Across the World? (May 1, 2000). Review of Economics and Statistics, Vol. 82, No. 2, 2000. Available at SSRN: https://ssrn.com/abstract=3035571

Norman Loayza

World Bank - Research Department ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

Klaus Schmidt-Hebbel (Contact Author)

Pontifical Catholic University of Chile ( email )

Av. Vicuna Mackenna 4860
Santiago
Chile

Luis Servén

World Bank - Development Research Group (DECRG)

1818 H. Street, N.W.
MSN3-311
Washington, DC 20433
United States

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