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논문 기본 정보

자료유형
학술대회자료
저자정보
Oleksandr Movshuk (University of Toyama)
저널정보
인하대학교 정석물류통상연구원 인하대학교 정석물류통상연구원 학술대회 Inha University and University of Toyama
발행연도
2009.8
수록면
59 - 84 (26page)

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In this paper I estimate age-saving profiles from micro data in six countries (Italy, Japan, Tai-wan, Thailand, the UK, and the US) to verify whether households are saving as postulated by the life-cycle theory. The level of household savings depends on age, cohort and year effects, and the perfect collinearity among these effects is broken by applying a nonparametric regression model. In this model, the cohort effect is assumed to be an arbitrary smooth function, and the model is estimated by the generalized additive model with a penalized smoothing spline approach. Estimated saving-age profiles showed declining savings in the old age for the majority of examined countries. An interesting feature for Asian households was a double hump in savings, with a temporal dip for households for the age bracket at around mid-40s.

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Abstract
1 Introduction
2 Model
3 Identification problem and its solutions
4 Data
5 Results
6 Conclusions
References
Figure 1. Age effects in saving rate(Models 1 and 2).
Figure 2. Cohort effects in saving rate(Model 2).
Figure 3. Year effects in saving rate(Model 2).
Figure 4. Age effects with Deaton-Paxson approach
Figure 5. Age effects with Models 2 and 3.
Figure 6. The impact of the number of children on saving rates(Model 3).
Figure 7. Age effects in Models 3 and 4.
Figure 8. Joint effect on saving rate from the number of children and birth cohorts.
Figure 9. Age effect with education expenditures as savings.
Table 1. Comparison of modified GCV criterion V‘g(λ) for alternative models of house-hold saving rate

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UCI(KEPA) : I410-ECN-0101-2013-326-001456137