Private saving determinants in European countries: A panel cointegration approach

George Hondroyiannis

71 citations0/0 files storedThe Social Science Journal

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Financial Literacy, Pension, Retirement Analysis Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

This paper investigates the determinants of aggregate private saving in European countries employing panel data. The long-run saving function is estimated based on an extended lifecycle hypothesis taking into account the economic and demographic developments during this period. A long-run saving function sensitive to dependency ratio, old dependency ratio, liquidity, public finances, real disposable income growth, real interest rate and inflation is found to exist. The empirical evidence suggests the existence of a long-run saving function in Europe. The policy implications of such a relationship are presented.

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References

1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1988Testing for a Unit Root in Time Series Regression 1988Statistical analysis of cointegration vectors 2003Testing for unit roots in heterogeneous panels 2021Econometric Analysis of Panel Data 1981Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1992Testing the null hypothesis of stationarity against the alternative of a unit root

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