| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21019 |
| 来源ID | Working Paper 21019 |
| Precautionary Strategies and Household Saving | |
| Joshua Aizenman; Eduardo Cavallo; Ilan Noy | |
| 发表日期 | 2015-03-16 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Why do people save? A strand of the literature has emphasized the role of ‘precautionary’ motives; i.e., private agents save in order to mitigate unexpected future income shocks. An implication is that in countries faced with more macroeconomic volatility and risk, private saving should be higher. From the observable data, however, we find a negative correlation between risk and private saving in cross-country comparisons, particularly in developing countries. We provide a plausible explanation for the disconnect between precautionary-saving theory and the empirical evidence that is based on a model with a richer account for the various modes of ‘precautionary’ behavior by private agents, in cases where institutions are weaker and labor informality is prevalent. In such environments, household saving decisions are intertwined with firms’ investment decisions. As a result, the interaction between saving behavior, broadly construed, and aggregate risk and uncertainty, may be more complex than is frequently assumed. |
| 主题 | Macroeconomics ; Consumption and Investment ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w21019 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578692 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Eduardo Cavallo,Ilan Noy. Precautionary Strategies and Household Saving. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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