Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions

IMF Working Papers, September 1, 1999

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Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions

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Bibliographic details

• Published: September 1, 1999
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451855036.001

Summary and key findings

• The paper examines robustness of cross-country studies of private savings to (a) allowing for possible heterogeneity of savings behavior across countries and (b) inclusion of dynamics.
• Neglecting heterogeneity and dynamics can lead to misleading inferences about the key determinants of savings behavior.
• Among the many variables considered in the literature, only the fiscal variables are identified as important determinants of private savings rates in the industrial countries in the post-World War II period:
  • the general government surplus as a proportion of GDP
  • the ratio of government consumption to GDP

Subject matter and keywords

• Subject: Expenditure, Financial services, Government consumption, Income, National accounts, Private savings, Real interest rates
• Keywords: coefficient estimate, country regression, cross-country studies, dynamics, Government consumption, Income, long-run coefficient, MG estimate, mover accent, OECD, panel data, panel data models, Private savings, Real interest rates, Ricardian effect, Saving behavior, savings rate, slope coefficient, slope heterogeneity, wealth-GDP ratio, WP

Publication and document specifics

• Publication title: Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions
• Publication series: IMF Working Papers
• Publication date: September 1, 1999
• Pages: 37
• Volume: 1999
• Issue: 128
• Series: Working Paper No. 1999/128
• DOI: https://doi.org/10.5089/9781451855036.001
• Stock No: WPIEA1281999
• ISBN: 9781451855036
• ISSN: 1018-5941

International Monetary Fund. "Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions" (IMF Working Paper No. 1999/128).

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