Precautionary saving under liquidity constraints: Evidence from rural Pakistan
Precautionary saving under liquidity constraints: Evidence from rural Pakistan
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DOI：
10.1016/j.jdeveco.2009.05.001
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发表时间：
2010-01-01
影响因子：
5
通讯作者：
Sawada, Yasuyuki
中科院分区：
文献类型：
--
作者：
Lee, Jeong-Joon;Sawada, Yasuyuki
本文使用家庭面板数据研究了巴基斯坦流动性限制下的预防性储蓄，特别是在估计 Kimball 的 [Kimball, M.S.小额和大额的预防性储蓄。计量经济学 1990：58； 53-73.] 基于类似于Dynan 的框架的谨慎参数[Dynan, K.E.消费者有多谨慎？政治经济学杂志1993； 101; 1104-1113.]，本研究通过明确考虑流动性约束而偏离了框架，如 Zeldes [Zeldes, S.P. 消费和流动性约束：一项实证调查。政治经济学杂志1989； 97; 305-346。]。通过这样做，本文试图区分由不确定性引起的标准预防性储蓄与由流动性约束引起的标准预防性储蓄。此外，使用内生流动性约束来解决选择偏差问题。我们发现大量证据表明巴基斯坦存在预防性储蓄。更具体地说，与不受限制的家庭相比，流动性受限的家庭的估计谨慎程度明显更高。研究结果表明，当家庭看到自己进入信贷市场的机会受到限制时，预防性储蓄动机就会显得更强烈。 (C) 2009 Elsevier B.V. 保留所有权利。
This paper investigates precautionary saving under liquidity constraints in Pakistan using household panel data, In particular, while it estimates Kimball's [Kimball, M.S. Precautionary saving in the small and in the large. Econometrica 1990: 58; 53-73.] prudence parameter based on a framework that is similar to Dynan [Dynan, K.E. How prudent are consumers? journal of Political Economy 1993; 101; 1104-1113.], this study deviates from the framework by explicitly considering liquidity constraints, as in Zeldes [Zeldes, S.P. Consumption and liquidity constraints: an empirical investigation. journal of Political Economy 1989; 97; 305-346.]. By doing so, this paper attempts to differentiate the standard precautionary saving caused by uncertainty from that caused by liquidity constraints. Furthermore, endogenous liquidity constraints are used in order to resolve issues of selection biases. We find substantial evidence of the presence of precautionary saving in Pakistan. More specifically, the estimated prudence is significantly higher for liquidity-constrained households as compared with unconstrained ones. The finding suggests that the precautionary saving motives appear stronger when households see that their access to credit markets is limited. (C) 2009 Elsevier B.V. All rights reserved.