What determines savings?
著者
書誌事項
What determines savings?
MIT Press, c1989
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注記
Bibliography: p. [499]-522
Includes index
内容説明・目次
内容説明
What determines savings? The question is timely and important. The US saving rate is less than half that of Japan, Germany and other developed countries, and the imbalance in saving rates across countries is responsible, in large part, for the imbalance in international trade. This book examines a number of important determinants of wealth accumulation, including retirement, bequests, precautionary saving motives, demographics, the tax structure, social security, and insurance institutions. Using a blend of theory, empirical research, and simulation methods, it reaches some surprising conclusions about what determines savings. Kotlikoff notes that most of US wealth is due not to life cycle saving for retirement but rather to bequests and other intergenerational transfers. The process of passing wealth from one generation to the next may be explained, in large part, because of imperfect annuity arrangements. In addition to life span uncertainty, the author points out, other types of uncertainty such as uncertainty about future medical expenditures can greaty stimulate saving.
Fiscal policies, such as unfunded social security, can dramatically alter a country's wealth, although the process can take many years. Unfortunately, Kotlikoff observes, official fiscal deficits are intrinsically unreliable for measuring the government's stance of fiscal policy. He also concludes that the baby busts currently underway in the United States, Europe and Japan are likely to improve overall economic welfare despite their detrimental impacts on social security systems.
目次
- Part 1A Saving motives - life cycle savings versus saving for intergenerational transfers: the role of intergenerational transfers in aggregate capital accumulation (1981), with Lawrence H. Summers
- intergenerational transfers and savings (1988)
- altruistic linkages with the extended family (1983)
- the family as an incomplete annuities market (1981), with Avia Spivak. Part 1B Saving motives - precautionary savings: annuity insurance, savings and inequality (1986-1987), with John Shoven and Avia Spivak. Part 2 Fiscal policy and savings: taxation and savings - a neoclassical perspective (1984)
- economic impact of deficit financing (1984)
- investment versus savings incentives - the size of the bang for the buck and the potential for self-financing business tax cuts (1983), with Alan J. Auerbach
- deficit delusion (1986)
- is debt neutral in the life cycle model? (1986). Part 3 Social security, demographics and savings: social security and equilibrium capital intensity (1979)
- simulating alternative social security responses to the demographic transition (1985), with Alan J. Auerbach
- some economic implications of life-span extensions (1981). Part 4 Empirical studies of savings: testing the theory of social security and life cycle accumulation (1979)
- estimating the wealth elasticity of bequests from a sample of potential decedents (1977)
- the adequacy of savings (1982), with Avia Spivak and Lawrence H. Summers
- public debt and United States savings - a new test of the neutrality hypothesis (1985), with Michael J. Boskin
- an examination of empirical tests of social security and savings (1983), with Alan Auerbach.
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