G2TT
来源类型Discussion paper
规范类型论文
来源IDDP203
DP203 Savings Behaviour, Fertility and Economic Development in Nineteenth Century Britain and America
Paul A Johnson
发表日期1987-11-01
出版年1987
语种英语
摘要This paper reviews evidence that life-cycle saving became the norm in nineteenth-century America, with a consequent fall in fertility and rise in the rate of capital formation, and considers whether a similar transition to life-cycle saving can be observed in nineteenth-century Britain. Although there is extensive evidence of widespread saving by British workers, most of this saving did not fit a life-cycle pattern. Liquidity constraints forced British workers to borrow, buy on credit, save only for short-run ends, and abstain from long-run accumulation. The paper concludes that some of the apparent difference between the savings behaviour of British and American workers may be the result of a misreading of United States evidence, some may be due to differences in old-age welfare systems, but that the most plausible explanation is that the real income of British workers in this period was substantially below that of their American counterparts.
关键词Britain Life-cycle saving Liquidity constraints Nineteenth century Pension systems United states
URLhttps://cepr.org/publications/dp203
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529359
推荐引用方式
GB/T 7714
Paul A Johnson. DP203 Savings Behaviour, Fertility and Economic Development in Nineteenth Century Britain and America. 1987.
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