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Deutsches Institut für Wirtschaftsforschung (DIW), Berlin >
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http://hdl.handle.net/10419/18167
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| Title: | | Does Macroeconomic Policy Affect Private Savings in Europe? : Evidence From a Dynamic Panel Data Model  |
| Authors: | | Schrooten, Mechthild Stephan, Sabine |
| Issue Date: | | 2004 |
| Series/Report no.: | | DIW-Diskussionspapiere 431 |
| Abstract: | | 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 findings are that savings rates inherit a certain degree of persistence and that income growth causes an increase in saving. While monetary policy is totally insignificant, fiscal policy has a major impact on private savings. The long-run effects of public deficits are greater than the effects of rising income. |
| Subjects: | | Dynamic panel data model private savings European Union GMM estimator |
| JEL: | | E21 C33 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
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