Household Saving in Developing Countries: First Cross-Country Evidence |
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| Authors: | Schmidt-Hebbel Klaus; Webb Steven B; Corsetti Giancarlo |
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| Institution: | Klaus Schmidt-Hebbel and Steven B. Webb are with the Country Economics Department at the World Bank; Giancarlo Corsetti was with the department when this article was written. They are indebted to Ricardo Caballero, Vittorio Corbo, Stanley Fischer, Mark Gersovitz, and two anonymous referees for helpful comments and suggestions and thank Heidi Zia for assistance with some of the research for this article. |
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| Abstract: | Although most studies have relied on domestic or private sectorsaving data, this article uses household data available fromthe U.N. System of National Accounts for a sample of 10 countries.Household saving functions are estimated using combined time-seriesand cross-country observations in order to test households'responses to income and growth, rates of return, monetary wealth,foreign saving, and demographic variables. The results showthat income and wealth variables affect saving strongly andin ways consistent with standard theories. Inflation and theinterest rate do not show clear effects on saving, which isalso consistent with their theoretical ambiguity. Foreign savingand monetary assets have strong negative effects on householdsaving, which suggests the importance of liquidity constraintsand monetary wealth in developing countries. |
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