Private saving in India and Malaysia compared: the roles of financial liberalization and expected pension benefits |
| |
Authors: | James B Ang Kunal Sen |
| |
Institution: | 1.Department of Economics,Monash University,Caulfield East,Australia;2.IDPM and Brooks World Poverty Institute, School of Environment and Development,University of Manchester,Manchester,UK |
| |
Abstract: | In this article, we provide a comparative account of the evolution of private saving in India and Malaysia, and analyze how
policy changes in the financial sector and pension system help explain differences in their saving performance. Using the
Autoregressive Distributed Lag (ARDL) bounds estimation procedure, we find a fairly robust long-run relationship between private
saving and its determinants in both countries. Consistent with the predictions made in the life cycle model, our results indicate
that higher income growth stimulates private saving and an increase in age dependency retards private saving. The results
provide some support for the hypothesis that financial liberalization results in lower private saving in both countries. The
evidence also indicates that expected pension benefits tend to stimulate private saving in India, but that the reverse is
found in Malaysia. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|