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      To what extent are public savings offset by private savings in the OECD

      Holmes, Mark J.
      DOI
       10.1007/BF02752735
      Link
       www.springerlink.com
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      Citation
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      Holmes, M. (2006). To what extent are public savings offset by private savings in the OECD. Journal of Economics and Finance, 30(3), 285-296.
      Permanent Research Commons link: https://hdl.handle.net/10289/1893
      Abstract
      The substitutability of private and public savings has implications for the effectiveness of fiscal policy. Using annual data for the period 1970–2004, this study re-examines long-run relationships between OECD private and public savings rates. However, unlike previous work, panel data unit root and cointegration tests are employed. The results confirm substitutability where strong Ricardian Equivalence is rejected for the entire OECD panel. There is support for weak Ricardian Equivalence with less than perfect substitutability. Indeed, it is argued that existing studies most likely overstate the extent of long-run substitutability particularly with regard to EU countries.
      Date
      2006
      Type
      Journal Article
      Publisher
      The Academy of Economics and Finance
      Collections
      • Management Papers [1098]
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