The impact of ageing on savings: A panel data study among the OECD countries
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/11532 |
Resumo: | Ageing has been pointed out as the most prominent demographic trend of the 21st century and is expected to impact economies at a micro and macro scale. One of the main consequences of this global phenomenon is the change in savings behaviour, which has been resulting in a decrease on the rate of savings. This thesis aims to study the impact of ageing on the gross savings rate through a panel data of 28 OECD countries observed between 1990 and 2013. The main ageing determinant considered in this study is the old age dependency ratio but some control variables as life expectancy, health expenditure and social expenditure with elderly, education level, unemployment and interest rate are also included. Non-stationarity and co-integration properties between gross savings and its drivers are studied and the long-run relationship is estimated using the Group Means Panel-Dynamic Ordinary Least Squares (PDOLS) framework. The findings suggest that ageing has a negative impact on savings, mainly through the negative influence of old age dependency ratio, health expenditure and social expenditure with elderly on the gross savings rate. |
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The impact of ageing on savings: A panel data study among the OECD countriesPoupança -- SavingsDados em painel -- Panel dataEnvelhecimento AgingCiclo de vida -- Life cycleAgeing has been pointed out as the most prominent demographic trend of the 21st century and is expected to impact economies at a micro and macro scale. One of the main consequences of this global phenomenon is the change in savings behaviour, which has been resulting in a decrease on the rate of savings. This thesis aims to study the impact of ageing on the gross savings rate through a panel data of 28 OECD countries observed between 1990 and 2013. The main ageing determinant considered in this study is the old age dependency ratio but some control variables as life expectancy, health expenditure and social expenditure with elderly, education level, unemployment and interest rate are also included. Non-stationarity and co-integration properties between gross savings and its drivers are studied and the long-run relationship is estimated using the Group Means Panel-Dynamic Ordinary Least Squares (PDOLS) framework. The findings suggest that ageing has a negative impact on savings, mainly through the negative influence of old age dependency ratio, health expenditure and social expenditure with elderly on the gross savings rate.O envelhecimento da população tem sido indicado como a tendência demográfica mais relevante do século XXI, sendo expectável que os seus efeitos afetem de forma determinante a economia aos níveis micro e macro. A alteração no comportamento-padrão de aforro individual é uma das consequências deste fenómeno global, que tem vindo a resultar numa diminuição da taxa de poupança. Este estudo tem como objetivo a análise do impacto do envelhecimento populacional na taxa de poupança bruta, com recurso a um painel de 28 países da OCDE, durante o período de 1990 a 2013. Para medir o envelhecimento foi usado neste estudo o índice de dependência de idosos, como variável nuclear. A esperança média de vida, despesa pública com saúde, despesa pública com idosos, bem como, o nível de escolaridade, taxa de desemprego e taxa de juro, foram também incluídas na qualidade de variáveis de controlo. Nesta análise foram realizados testes à não-estacionariedade e cointegração das variáveis e o modelo foi estimado através do método de Group Means Panel-Dynamic Ordinary Least Squares (PDOLS). Os resultados obtidos apontam para um impacto negativo do envelhecimento na poupança, explicado maioritariamente pela influência negativa do índice de dependência de idosos, despesa pública com saúde e despesa pública com idosos.2016-06-21T16:44:10Z2015-01-01T00:00:00Z20152015-09info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/11532TID:201193310engFerreira, Mariana Miguel dos Reisinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:59:10Zoai:repositorio.iscte-iul.pt:10071/11532Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:30:59.432072Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The impact of ageing on savings: A panel data study among the OECD countries |
title |
The impact of ageing on savings: A panel data study among the OECD countries |
spellingShingle |
The impact of ageing on savings: A panel data study among the OECD countries Ferreira, Mariana Miguel dos Reis Poupança -- Savings Dados em painel -- Panel data Envelhecimento Aging Ciclo de vida -- Life cycle |
title_short |
The impact of ageing on savings: A panel data study among the OECD countries |
title_full |
The impact of ageing on savings: A panel data study among the OECD countries |
title_fullStr |
The impact of ageing on savings: A panel data study among the OECD countries |
title_full_unstemmed |
The impact of ageing on savings: A panel data study among the OECD countries |
title_sort |
The impact of ageing on savings: A panel data study among the OECD countries |
author |
Ferreira, Mariana Miguel dos Reis |
author_facet |
Ferreira, Mariana Miguel dos Reis |
author_role |
author |
dc.contributor.author.fl_str_mv |
Ferreira, Mariana Miguel dos Reis |
dc.subject.por.fl_str_mv |
Poupança -- Savings Dados em painel -- Panel data Envelhecimento Aging Ciclo de vida -- Life cycle |
topic |
Poupança -- Savings Dados em painel -- Panel data Envelhecimento Aging Ciclo de vida -- Life cycle |
description |
Ageing has been pointed out as the most prominent demographic trend of the 21st century and is expected to impact economies at a micro and macro scale. One of the main consequences of this global phenomenon is the change in savings behaviour, which has been resulting in a decrease on the rate of savings. This thesis aims to study the impact of ageing on the gross savings rate through a panel data of 28 OECD countries observed between 1990 and 2013. The main ageing determinant considered in this study is the old age dependency ratio but some control variables as life expectancy, health expenditure and social expenditure with elderly, education level, unemployment and interest rate are also included. Non-stationarity and co-integration properties between gross savings and its drivers are studied and the long-run relationship is estimated using the Group Means Panel-Dynamic Ordinary Least Squares (PDOLS) framework. The findings suggest that ageing has a negative impact on savings, mainly through the negative influence of old age dependency ratio, health expenditure and social expenditure with elderly on the gross savings rate. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-01-01T00:00:00Z 2015 2015-09 2016-06-21T16:44:10Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/11532 TID:201193310 |
url |
http://hdl.handle.net/10071/11532 |
identifier_str_mv |
TID:201193310 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/octet-stream |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799134872166465536 |