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Explaining aggregate private saving behaviour: new evidence from a panel of OECD countries

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  • Julián Ramajo
  • Agustín García
  • Montserrat Ferré

Abstract

This study analyses some of the empirical determinants of aggregate private saving rates for a panel of 21 OECD countries over the period 1964 to 2001. Among the fiscal determinants considered, there is evidence of an important trade-off between public and private saving and a negative effect of higher current public expenditure on private saving. Among the macroeconomic and financial variables introduced, the income growth rate is the most significant and has a positive effect on private saving. Finally, only a demographic variable, the urbanization rate, has a positive effect on private saving. Interestingly, the sub-sample formed by the G-7 countries shows substantial qualitative and quantitative differences in the determinants of aggregate private saving, particularly a reduction of the effects of the fiscal policy variables.

Suggested Citation

  • Julián Ramajo & Agustín García & Montserrat Ferré, 2006. "Explaining aggregate private saving behaviour: new evidence from a panel of OECD countries," Applied Financial Economics Letters, Taylor & Francis Journals, vol. 2(5), pages 311-315.
    • Handle: RePEc:taf:raflxx:v:2:y:2006:i:5:p:311-315
    DOI: 10.1080/17446540600675582
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    Cited by:

    1. Abdullah Miraç Bükey, 2024. "Interest Rate-Savings Nexus: Keynesian-Classical Debate Revisiting in OECD Economies," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 11(2), pages 299-316, July.
    2. Jianghong Xu & Chenguang Wang & Xukang Yin & Weixin Wang, 2024. "Digital economy and rural household resilience: Evidence from China," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 70(5), pages 244-263.

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