"Life Cycle" Hypothesis of Saving: Aggregate ... - Arabictrader.com

Table 4.4
The Role of Major Variables Affecting the Change in the Savings Rate, 1970s–1980s
(based on regression equation)
dns - 0.93 ¥ dgrowth + 0.64 ¥ dlag + 0.90 ¥ dsurp - 0.28 ¥ dtax - 0.37 ¥ ddebtad
Inflation Estimated
Growth (*) Surplus Net tax correction change Actual change Difference
Country (%) (%) (%) (%) (%) (%) (%)
(1) (2) (3) (4) (5) (6) (7) (8)
Canada -1.22 -4.02 0.31 -0.29 -5.22 -3.90 -1.32
United States -1.18 -3.31 0.29 0.25 -2.06 -5.00 2.04
Japan -4.02 0.24 -0.33 -0.20 -4.31 -4.40 0.09
Australia -1.17 -3.16 -0.44 0.29 -4.47 -7.60 3.13
Austria -2.17 -3.49 -0.05 0.05 -5.66 -5.00 -0.66
Belgium -2.46 -4.37 0.64 -0.71 -6.89 -7.40 0.51
Denmark -1.20 -3.42 -0.77 -1.02 -6.41 -7.30 0.89
Finland -1.22 -3.08 -0.57 -0.37 -5.24 -3.50 -1.74
France -2.54 -1.94 -1.05 -0.18 -5.73 -8.25 2.53
Germany -1.94 -1.29 -0.38 -0.21 -3.82 -3.60 0.22
Greenland -4.58 -6.96 0.24 -0.36 -11.67 -12.20 0.53
Iceland -0.67 -7.41 -0.15 0.02 -8.20 -7.31 -0.89
Ireland -2.00 -3.96 0.21 0.08 -5.67 -4.80 -0.87
Italy -2.62 -2.17 -0.47 -0.33 -5.59 -5.80 0.21
Netherlands -2.45 -2.93 1.06 0.34 -3.97 -3.10 -0.87
Norway -0.21 4.33 0.78 -1.41 3.49 1.80 1.69
Portugal -3.17 2.89 -1.38 -1.61 -3.27 -2.20 -1.07
Spain -2.87 -2.14 -1.05 -0.49 -6.55 -7.10 0.55
Sweden -1.06 -2.96 -1.29 -1.15 -6.45 -5.80 -0.65
Switzerland -1.40 -0.29 -0.31 0.03 -1.97 0.80 -2.77
Recent Declines in the Savings Rate 129