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Habit formation and dynamic saving b...

Zhang, Chi.

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Habit formation and dynamic saving behavior: Evidence from Taiwan.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Habit formation and dynamic saving behavior: Evidence from Taiwan./
Author:	Zhang, Chi.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1996,
Description:	196 p.
Notes:	Source: Dissertations Abstracts International, Volume: 57-11, Section: A.
Contained By:	Dissertations Abstracts International57-11A.
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9617630

Habit formation and dynamic saving behavior: Evidence from Taiwan.
Zhang, Chi.

Habit formation and dynamic saving behavior: Evidence from Taiwan. - Ann Arbor : ProQuest Dissertations & Theses, 1996 - 196 p.

Source: Dissertations Abstracts International, Volume: 57-11, Section: A.

Thesis (Ph.D.)--The Johns Hopkins University, 1996.

This item must not be sold to any third party vendors.

This study examines the dynamic saving behavior of Taiwan as a representative of the East Asian Newly Industrialized Countries. Specifically, the study explores why household saving rates increased over time even though individuals expected more wealth in the future due to rapid income growth. This increase is contrary to the prediction of the standard Permanent Income/Life-cycle Hypothesis that larger expected wealth would suppress individual savings. One hypothesis tested using Taiwanese quarterly and annual data is that people have "consumption habits" and respond sluggishly to income growth. Euler equation tests of Taiwanese consumption patterns over time reveal that household consumption growth is positively autocorrelated and can be predicted by past values of other variables as well as by its own lag. The results indicate that consumption growth is smooth and consistent with the consumption habit hypothesis. Reduced form estimation of the saving rate function provides further support for the premise that increases in the household saving rate were caused primarily by the combination of rapid real income growth, especially the unanticipated component of this growth, and slow consumption adjustment due to habit persistence. In addition, it is found that the habit formation specification most utilized in existing studies which assumes a single-period habit formation structure is oversimplified and does not fit the data as well as a more general habit formation model without the single period assumption. The study draws policy implications pertinent to recent criticism of the high saving rate in Taiwan resulting in chronic current account surpluses and accumulation of foreign exchange reserves. The high saving rate resulting from consumers' preference is a blessing to the country. The adjustment of the current account surplus and excessive foreign exchange reserves should be focused on the more productive use of the resources made available by high saving rates, rather than on efforts actually to reduce these savings.Subjects--Topical Terms:

517137
Economics.
Subjects--Index Terms:

China

Habit formation and dynamic saving behavior: Evidence from Taiwan.
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245 1 0 $a Habit formation and dynamic saving behavior: Evidence from Taiwan.
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300 $a 196 p.
500 $a Source: Dissertations Abstracts International, Volume: 57-11, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
502 $a Thesis (Ph.D.)--The Johns Hopkins University, 1996.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a This study examines the dynamic saving behavior of Taiwan as a representative of the East Asian Newly Industrialized Countries. Specifically, the study explores why household saving rates increased over time even though individuals expected more wealth in the future due to rapid income growth. This increase is contrary to the prediction of the standard Permanent Income/Life-cycle Hypothesis that larger expected wealth would suppress individual savings. One hypothesis tested using Taiwanese quarterly and annual data is that people have "consumption habits" and respond sluggishly to income growth. Euler equation tests of Taiwanese consumption patterns over time reveal that household consumption growth is positively autocorrelated and can be predicted by past values of other variables as well as by its own lag. The results indicate that consumption growth is smooth and consistent with the consumption habit hypothesis. Reduced form estimation of the saving rate function provides further support for the premise that increases in the household saving rate were caused primarily by the combination of rapid real income growth, especially the unanticipated component of this growth, and slow consumption adjustment due to habit persistence. In addition, it is found that the habit formation specification most utilized in existing studies which assumes a single-period habit formation structure is oversimplified and does not fit the data as well as a more general habit formation model without the single period assumption. The study draws policy implications pertinent to recent criticism of the high saving rate in Taiwan resulting in chronic current account surpluses and accumulation of foreign exchange reserves. The high saving rate resulting from consumers' preference is a blessing to the country. The adjustment of the current account surplus and excessive foreign exchange reserves should be focused on the more productive use of the resources made available by high saving rates, rather than on efforts actually to reduce these savings.
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