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Saving, Growth, and Liquidity Constraints
Abstract
In the context of an overlapping-generations model, we show that Uquidity constraints on households (i) raise the saving rate, (ii) strengthen the effect of growth on saving, (iii) increase the growth rate if productivity growth is endogenous, and (iv) may increase welfare. The first three positions are supported by cross-country regressions of saving and growth rates on indicators of liquidity contraints on households. The results suggest that financial deregulation in the 1980s has contributed to the decline in national saving and growth rates in the OECD countries.
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Cited by
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De Gregorio, J., & Guidotti, P. E. (1995) · World Development · doi:10.1016/0305-750x(94)00132-i · Cited by 1,216
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Deidda, L., & Fattouh, B. (2002) · Economics Letters · doi:10.1016/s0165-1765(01)00571-7 · Cited by 458
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Chamon, M. D., & Prasad, E. S. (2010) · American Economic Journal: Macroeconomics · doi:10.1257/mac.2.1.93 · Cited by 296
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Hung, F.-S. (2009) · Journal of Economics · doi:10.1007/s00712-008-0057-4 · Cited by 51
Asteriou, D., Spanos, K., & Trachanas, E. (2024) · International Journal of Finance & Economics · doi:10.1002/ijfe.2793 · Cited by 37
Metadata
- Authors
- Jappelli, T., & Pagano, M.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1994-02-01
- Volume
- 109
- Issue
- 1
- Pages
- 83-109
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2101703995
- Cited by
- 799
- References
- 0
- FWCI
- 43.72
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
