Saving, Growth, and Liquidity Constraints

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ID: 302971
1994
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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.
Reference Key
openalex_W2101703995 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Tullio Jappelli, Marco Pagano
Journal the quarterly journal of economics
Year 1994
DOI
10.2307/2118429
URL
https://doi.org/10.2307/2118429
Keywords Keywords not found

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