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

Table 4.4 (continued)
Inflation Estimated
Growth (*) Surplus Net tax correction change Actual change Difference
Country (%) (%) (%) (%) (%) (%) (%)
(1) (2) (3) (4) (5) (6) (7) (8)
United Kingdom 0.83 -6.86 1.98 2.13 -1.92 -2.00 0.08
Average of all countries -1.82 -2.68 -0.13 -0.25 -4.88 -4.94 0.06
Legend: dns = change in inflation-adjusted national savings as a percentage of national income;
dgrowth = change in the growth rate from 1970s to 1980s;
dlag = change in the growth rate from 1960s to 1970s;
dsurp = change in inflation-adjusted general government surplus as a percentage of national income;
dtax = change in inflation-adjusted general government net taxes as a percentage of national income;
ddebtad = change in the inflation correction, calculated as: (net public debt/nnp) * (cpi).
(*) Sum of the effects of the change in current and lagged growth.
130 The Life-Cycle Hypothesis