Life-Cycle Savings and Public Policy: A Cross-National Study of Six Countries
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Table of contents
- Copyright Pageiv
- Contentsv
- Contributorsix
- Prefacexi
- Chapter 1. Saving: A Cross-National Perspective1
- 1.1 Introduction1
- 1.2 The Value of Cross-National Comparisons2
- 1.3 The Importance of Panel Data4
- 1.4 A Typical Pitfall in the Analysis of Cross-National Saving Behavior7
- 1.5 Goals of this Book9
- 1.6 Measuring Life-Cycle Saving10
- 1.7 What Does an Extended Life-Cycle Model of Saving Predict?13
- 1.8 Some Institutional Differences Across Countries and What They Mean for Saving16
- 1.9 What Do We Observe Empirically?22
- 1.10 Are these Observations Consistent with our Expectations?23
- References28
- Chapter 2. Household Saving: Concepts and Measurement33
- 2.1 Introduction33
- 2.2 How Can We Measure Household Saving?35
- 2.3 Why Cohort Analysis?39
- 2.4 Data Requirements50
- 2.5 Aggregation and Estimation52
- 2.6 Conclusion54
- References54
- Chapter 3. Household Saving in Germany57
- 3.1 Introduction57
- 3.2 Data58
- 3.3 The Flow of Household Saving65
- 3.4 The Stock of Wealth by Age and Birth Cohort77
- 3.5 The Institutional Background for Saving in Germany82
- 3.6 Links between Saving Patterns and Public Policy89
- 3.7 Conclusions95
- References96
- Chapter 4. Household Saving Behavior and Pension Policies in Italy101
- 4.1 Introduction101
- 4.2 The Data103
- 4.3 Cross-Sectional Age Profiles of Income and Saving105
- 4.4 Cohort-Adjusted Age Profiles of Income and Saving125
- 4.5 Analyzing Saving According to Demographic Groups135
- 4.6 The Importance of Pension Arrangements for Saving Choices139
- 4.8 Conclusions143
- References145
- Appendix147
- 4.7 Measurement Error141
- Chapter 5. Household Savings and Wealth Distribution in Japan149
- 5.1 Introduction149
- 5.2 The Data151
- 5.3 Age Profile of Savings165
- 5.4 Saving Rates by Income Class166
- 5.5 Cohort Analysis172
- 5.6 Age–Wealth Profile178
- 5.7 Wealth Distribution184
- 5.8 Construction of Social Security Wealth192
- Conclusion201
- References202
- Chapter 6. Savings and Pensions in the Netherlands205
- 6.1 Introduction205
- 6.2 Data207
- 6.3 The Distribution of Income and Wealth209
- 6.4 Financial, Real, and Discretionary Saving223
- 6.5 Policies Affecting Savings234
- 6.6 Summary and Conclusions240
- References241
- Appendix243
- Chapter 7. Pensions and Life-Cycle Savings Profiles in the UK257
- 7.1 Introduction257
- 7.2 Data260
- 7.3 Cross-Sectional Descriptive Evidence, 1978–93262
- 7.4 Cohort Effects and Life-Cycle Profiles280
- 7.5 Further Issues288
- 7.6 Conclusions303
- References304
- Appendix I307
- Appendix II311
- Appendix III313
- Chapter 8. Household Saving Behavior and Pension Policies in the United States315
- 8.1 Introduction315
- 8.2 Data318
- 8.3 Household Savings320
- 8.4 Pension Policies351
- 8.5 Conclusion354
- References355
- Appendix357
The key to understanding household saving is obtaining appropriate data. Dealing with differences between rich and poor households, for example, or the old and the young, require observation of a large number of households. The focus of this study is to obtain data on many households from a number of different countries and to examine them in a coherent fashion. The hope is that through these observations we can learn about the ways policies affect savings and that other differences among savers can be controlled for, instead of being blamed on "cultural differences
* Features a consistent framework among chapters
* Reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics
* Provides econometric methodology to reveal the way policies affect savings
* Features a consistent framework among chapters
* Reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics
* Provides econometric methodology to reveal the way policies affect savings