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2004 | nr 14 | 7--22
Tytuł artykułu

Saving from Permanent and Transitory Income. The Case of Polish Households

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The paper analyses the impact of income uncertainty on household saving. Using a panel of Polish households for 1997-2000 we decompose uncertainty of household income into a variance of shocks to permanent income and a variance of shocks to transitory income. Then we regress households' savings onthe estimated measures of income uncertainty controlling for demographicand social variables. Our empirical results indicate that the average variances of permanent and transitory income of Polish households do not differ much. Both measures of income uncertainty are statistically significant in predicting saving. The permanent income uncertainty affects savings more than the uncertainty of transitory income. A significant part of households' saving in Poland may be of precautionary, buffer-stock character.(original abstract)
Rocznik
Numer
Strony
7--22
Opis fizyczny
Twórcy
  • Uniwersytet Warszawski
  • Uniwersytet Warszawski
  • Uniwersytet Warszawski
Bibliografia
  • Blundell R., Preston I., 1998, Consumption Inequality and Income Uncertainty, Quarterly Journal of Economics, May, pp. 603-640.
  • Browning M., Lusardi A., 1996, Household Saving: Micro Theories and Micro Facts, Journal of Economic Literature, Vol. XXXIV, pp. 1797-1855.
  • Campbell J. Y., 1987, Does Saving Anticipate Declining Labour Income? A New Test of the Life Cycle Hypothesis, Econometrica, LV, pp. 1249-1273.
  • Carroll C. D., 1994, How Does Future Income Affect Current Consumption? Quarterly Journal of Economics, February, pp. 111-147.
  • Carroll C. D., 1997, Buffer Stock Saving and the Life Cycle Permanent Income Hypothesis, Quarterly Journal of Economics, February, pp. 1-55.
  • Carroll C. D., Samwick A. A., 1997, The Nature of Precautionary Wealth, Journal of Monetary Economics, 40, pp. 41-71.
  • Deaton A., 1991, Saving and Liquidity Constraint, Econometrica, LIX, pp. 1221-1248.
  • Denizer C., Wolf H. C. , 1998, Household Saving in Transition Economies, NBER Working Paper, No. 6457.
  • Flavin M. A., 1981, The Adjustment of Consumption to Changing Expectations about Future Income, Journal of Political Economy, vol. 81, No. 5, pp. 974-1009.
  • Friedman M., 1957, A Theory of the Consumption Function, Princeton: Princeton University Press.
  • Hall R. E., 1978, Stochastic Implications of the Life-cycle Hypothesis: Theory and Evidence, Journal of Political Economy, vol. 86, No. 6, pp. 971-987.
  • Hall R. E., Mishkin F. S., 1982, The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households, Econometrica, vol. 50, No. 2, pp. 461-181.
  • Household Budget Surveys, Poland, 1997-2000, Warsaw: Central Statistical Office.
  • Hubbard R. G., Skinner J. S., Zeldes P., 1994, Expanding the Life-Cycle Model: Precautionary Saving and Public Policy, American Economic Review, vol. 84, No. 2, pp. 174-179.
  • Liberda B., 2000 Saving in the Polish Economy, Warsaw: PTE-Bellona (in Polish).
  • Liberda B., 1999, Costs and Benefits of the Pension System Reform in Poland, in: Liberda B., Household Saving in Poland, Warsaw: Center for Social and Economic Research, CASE, Studies and Analyses, No. 187, pp. 24-43.
  • Liberda B., Górecki B., Pęczkowski M., 2003, Uncertainty of Households Income in the European Union Countries and Poland, EMERGO, 438, pp. 2-15.
  • Modigliani F., R. Brumberg, 1954, Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data, in Kurihara, K. (ed.), Post-Keynesian Economics, New Brunswick: Rutgers University Press.
  • Skinner J., 1988, Risky Income, Life Cycle Consumption and Precautionary Savings, Journal of Monetary Economics, 22, pp. 237-255.
  • Statistical Yearbook, Poland, 2001, 2002, Warsaw, Central Statistical Office.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171254659

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