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HOUSEHOLD SAVING IN CHILE (1988 AND 1997): TESTING THE LIFE CYCLE HYPOTHESIS

Author
BUTELMANN,ANDREA

GALLEGO,FRANCISCO

Full text
https://scielo.conicyt.cl/scielo.php?script=sci_arttext&pid=S0717-68212001011300001
Abstract
Saving behavior at the household level in Chile has not been analyzed in recent decades. Based on 1988 and 1996-1997 Chilean microeconomic evidence (Household Budget Survey), this article studies household saving behavior. The analysis is extended to include broader definitions of saving such as investment in human capital and durable goods purchases. Income and permanent characteristics such as education are shown to be important determinants of the rate of household saving. Furthermore, we find an income/expenditure parallelism and positive saving rates for the elderly. At a first stage of analysis, these facts contradict the predictions of the life cycle theory, but some corrections (using demographic corrections and a different treatment of pensions) change these preliminary conclusions. Differences in credit constraints faced by different groups are studied for their likely effects on consumption smoothing. Finally, in order to study in more detail the predictions of the Life Cycle Hypothesis, saving rates of the elderly are analyzed focusing on their contradictory role found in macro and micro studies
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Discipline
Artes, Arquitectura y UrbanismoCiencias Agrarias, Forestales y VeterinariasCiencias Exactas y NaturalesCiencias SocialesDerechoEconomía y AdministraciónFilosofía y HumanidadesIngenieríaMedicinaMultidisciplinarias
Institutions
Universidad de ChileUniversidad Católica de ChileUniversidad de Santiago de ChileUniversidad de ConcepciónUniversidad Austral de ChileUniversidad Católica de ValparaísoUniversidad del Bio BioUniversidad de ValparaísoUniversidad Católica del Nortemore

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