Are We Saving Enough? The Macroeconomics of the Savings Gap
Are We Saving Enough? The Macroeconomics of the Savings Gap
复制标题
我们存够了吗？
DOI：
10.1177/0027950105052663
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发表时间：
2005
影响因子：
2.1
通讯作者：
M. Weale
中科院分区：
文献类型：
--
作者：
O. Pomerantz;M. Weale
我们从宏观经济的角度来评估英国储蓄的充足性。我们提出了财富与收入同步增长所需的条件，并讨论了资本收益可以替代储蓄的情况。我们表明，参考资产负债表可能会产生误导，因为它们无法识别未来消费的成本。在考虑人口变化的影响之前，确定了165亿至660亿英镑的储蓄缺口。结果取决于人们是否认为房价上涨是固定土地供应的结果，还是认为未能在住房方面进行足够投资的结果，后者的上限出现了。讨论了缩小储蓄差距的政策措施。这些措施包括适当利用财政政策和信贷税收。
We assess the adequacy of saving in the United Kingdom from a macroeconomic perspective. We present conditions needed for wealth to grow in line with income and discuss the circumstances in which capital gains can represent a substitute for saving. We show that reference to balance sheets can be misleading because they fail to identify the cost of future consumption. A savings gap of between £16.5 bn and £66 bn is identified before taking account of the effects of demographic change. The outcome depends on whether one regards rising house prices as a consequence of fixed supplies of land or as the outcome of failing to invest enough in housing with the upper figure arising in the latter case. Policy measures to reduce the savings gap are discussed. These include appropriate use of fiscal policy and taxation of credit.