An Empirical Study of Private Saving in Brazil

Abstract

This paper provides an empirical analysis of the determinants of private saving in Brazil during 1965-2000. Our estimates indicate that the degree of offset between private and public saving is relatively high, in line with evidence for other Latin American countries, although it may have started to decline in recent years. In any case, fiscal policy is identified as one of the main instruments to promote the much needed increase in national saving in Brazil. Additional support to savings could come from continued financial market reforms and trade diversification.

Macroeconomic and policy implications of population aging in Brazil

“…It is furthermore found that public saving crowds out private saving, which is consistent with findings in Paiva and Jahan (2003). A negative effect of the GDP growth on the private saving rate in the long run is unexpected, however.…”

Türkiye'deki Düşük Hanehalkı Tasarrufuna Neden Olan Faktörlerin Belirlenmesine Yönelik Bir Araştırma

“…Kwack (2003) ve Edwards (1995) da farklı yöntem kullanarak benzer sonuca ulaşmışlardır. Paiva ve Jahan (2003) Brezilya'daki hanehalkı tasarrufları ile kamu tasarrufları arasında ters yönlü bir ilişki bulunduğunu tespit etmişlerdir.…”

Who is saving and how much? New evidence from Brazil

“…From a macroeconomic perspective, private saving has contributed to economic growth (Deaton and Paxson, 2000; Niculescu-Aron and Mihaescu, 2014; Hua and Erreygers, 2019) for reducing dependence on external resources (Moreira and da Silveira, 2019; Paiva and Jahan, 2003). Private saving also may provide financial security for unexpected events from a microeconomic context.…”

“…The second stream that evaluates each country individually may be divided into macro and micro levels’ studies. Based on macroeconomic data, there are empirical papers for Mexico (Swiston and Bulir, 2006), Colombia (Lopez-Mejia and Ortega, 1998), Brazil (Paiva and Jahan, 2003) and India (Athukorala and Sen, 2004). However, although relevant in some cases, the macroeconomic variables could not precisely define the elements behind why and how much households save (Bebczuk et al , 2015).…”

“…4. An exception is Paiva and Jahan (2003) that analysing the determinants of private saving in Brazil during 1965–2000, focussed on the relation between private and public saving.…”