Population Aging and Households’ Saving in the Russian Federation
Using household data from the Russian Longitudinal Monitoring Survey, this paper assesses how aging affects saving. To overcome a systematic bias against the life-cycle hypothesis of survey data, the paper estimates how the age profile of saving ch...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/10/25159413/population-aging-households’-saving-russian-federation http://hdl.handle.net/10986/22874 |
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okr-10986-228742021-04-23T14:04:11Z Population Aging and Households’ Saving in the Russian Federation Bussolo, Maurizio Simone, Schotte Matytsin, Mikhail GROWTH RATES NATIONAL CURRENCY SAVINGS RATIO DEFICIT HOLDING NATIONAL SAVING FUTURE GROWTH CONSUMER DURABLES INCOME FLOWS FOREIGN CURRENCY ACCOUNTING HOUSEHOLD’ SAVING MICRODATA DISPOSABLE INCOME INCOME INTEREST DUMMY VARIABLES PRIVATIZATION PENSION SYSTEMS FUTURE EARNINGS INTEREST RATE EXCHANGE OPTION BANKING SYSTEM CONSUMER GOODS HOUSEHOLD SAVING DEVELOPING COUNTRIES BEQUEST REPAYMENTS POLITICAL ECONOMY REVENUES RETAIL MARKET BONDS LOAN MACROECONOMIC CONDITIONS VALUABLE ASSET SUBSIDY PRICE TAX ASSET MANAGEMENT PENSION SYSTEM PENSION REFORMS SAVING ASSET HOLDINGS PRIVATE PENSION PENSION FUND CONTRIBUTIONS CREDITORS INFLATION INTERNATIONAL BANK PENSION WAGE GROWTH LIFE EXPECTANCY BUDGET PUBLIC POLICY PRIVATE SAVING SAVINGS CURRENCY REPLACEMENT RATE FINANCIAL INSTITUTION DOMESTIC CURRENCY ECONOMIC CRISES INCOME GROWTH INCOME SHOCK CONTRACTS PENSION CONTRIBUTIONS ASSET MANAGER RETIREMENT AGE INTEREST RATES DEBT MARKETS HOUSEHOLD INCOME PENSION REFORM LOCAL GOVERNMENT INFLATION RATE HOUSEHOLD SAVING RATE CONSUMPTION EXPENDITURE BUSINESS CYCLE INTERNATIONAL ECONOMICS DIVIDENDS PENSION FUNDS CONSUMER DEMAND SUBSIDIES REAL ESTATE FINANCE FOREIGN CURRENCY NEGATIVE SHOCK TAXES SAVINGS ACCOUNT EXPENDITURE MARKET ECONOMY EQUITY INCOME TAXES SAVINGS RATES LOAN REPAYMENT MACROECONOMIC DATA CAPITAL RATIO GOOD VOLATILITY INVESTMENT OPTIONS TURNOVER FUTURE SAVINGS RATE PENSIONS DEMOGRAPHIC CHANGE DISPOSABLE INCOMES REPAYMENT EXPENDITURES INCOMES PROPERTY PRIVATE PENSIONS SHARES CASH HOLDINGS INSURANCE PREMIUM NEGATIVE INCOME SHOCK MARKET PERSONAL PROPERTY TRADE UNIONS SECURITIES OUTPUT HOUSEHOLD SAVINGS HOUSEHOLD SAVING RATES EXPOSURE HOLDINGS INSURANCE RETIREMENT SAVINGS DEMOGRAPHIC CHANGES TRADE INTERESTS GOODS SECURITY TRANSFER PAYMENTS GROWTH RATE STOCKS REAL ESTATE INVESTMENT BEQUESTS SHARE ECONOMIC CRISIS BANKING FINANCIAL ASSETS DEBT REPAYMENTS PROFIT CONSUMER PRICE INDEX PENSION FUND EXCHANGE RATE DEMOGRAPHIC MICRO DATA PROFITS PUBLIC PENSION LIABILITIES PRICES ASSET MANAGERS Using household data from the Russian Longitudinal Monitoring Survey, this paper assesses how aging affects saving. To overcome a systematic bias against the life-cycle hypothesis of survey data, the paper estimates how the age profile of saving changes when the micro data are corrected to account for the contribution to pensions (as additional saving) and receipt of benefits from pensions (as dissaving). With these corrections, the Russian data support the life-cycle hypothesis. A small decline in the aggregate saving rate, because of aging, can thus be expected. However, since aggregate saving rates result from a combination of age and cohort effects, this decline may not be significant. When extrapolating the rising trends of the cohort effect, the fact that younger generations are earning and saving more than older generation at the same age, the projection shows a growing aggregate saving rate. The changes in saving of future cohorts, for example because of changes in the growth rate of the economy, can affect the aggregate saving rate even more than aging. 2015-11-05T19:02:07Z 2015-11-05T19:02:07Z 2015-10 Working Paper http://documents.worldbank.org/curated/en/2015/10/25159413/population-aging-households’-saving-russian-federation http://hdl.handle.net/10986/22874 English en_US Policy Research Working Paper;No. 7443 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Russian Federation |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
GROWTH RATES NATIONAL CURRENCY SAVINGS RATIO DEFICIT HOLDING NATIONAL SAVING FUTURE GROWTH CONSUMER DURABLES INCOME FLOWS FOREIGN CURRENCY ACCOUNTING HOUSEHOLD’ SAVING MICRODATA DISPOSABLE INCOME INCOME INTEREST DUMMY VARIABLES PRIVATIZATION PENSION SYSTEMS FUTURE EARNINGS INTEREST RATE EXCHANGE OPTION BANKING SYSTEM CONSUMER GOODS HOUSEHOLD SAVING DEVELOPING COUNTRIES BEQUEST REPAYMENTS POLITICAL ECONOMY REVENUES RETAIL MARKET BONDS LOAN MACROECONOMIC CONDITIONS VALUABLE ASSET SUBSIDY PRICE TAX ASSET MANAGEMENT PENSION SYSTEM PENSION REFORMS SAVING ASSET HOLDINGS PRIVATE PENSION PENSION FUND CONTRIBUTIONS CREDITORS INFLATION INTERNATIONAL BANK PENSION WAGE GROWTH LIFE EXPECTANCY BUDGET PUBLIC POLICY PRIVATE SAVING SAVINGS CURRENCY REPLACEMENT RATE FINANCIAL INSTITUTION DOMESTIC CURRENCY ECONOMIC CRISES INCOME GROWTH INCOME SHOCK CONTRACTS PENSION CONTRIBUTIONS ASSET MANAGER RETIREMENT AGE INTEREST RATES DEBT MARKETS HOUSEHOLD INCOME PENSION REFORM LOCAL GOVERNMENT INFLATION RATE HOUSEHOLD SAVING RATE CONSUMPTION EXPENDITURE BUSINESS CYCLE INTERNATIONAL ECONOMICS DIVIDENDS PENSION FUNDS CONSUMER DEMAND SUBSIDIES REAL ESTATE FINANCE FOREIGN CURRENCY NEGATIVE SHOCK TAXES SAVINGS ACCOUNT EXPENDITURE MARKET ECONOMY EQUITY INCOME TAXES SAVINGS RATES LOAN REPAYMENT MACROECONOMIC DATA CAPITAL RATIO GOOD VOLATILITY INVESTMENT OPTIONS TURNOVER FUTURE SAVINGS RATE PENSIONS DEMOGRAPHIC CHANGE DISPOSABLE INCOMES REPAYMENT EXPENDITURES INCOMES PROPERTY PRIVATE PENSIONS SHARES CASH HOLDINGS INSURANCE PREMIUM NEGATIVE INCOME SHOCK MARKET PERSONAL PROPERTY TRADE UNIONS SECURITIES OUTPUT HOUSEHOLD SAVINGS HOUSEHOLD SAVING RATES EXPOSURE HOLDINGS INSURANCE RETIREMENT SAVINGS DEMOGRAPHIC CHANGES TRADE INTERESTS GOODS SECURITY TRANSFER PAYMENTS GROWTH RATE STOCKS REAL ESTATE INVESTMENT BEQUESTS SHARE ECONOMIC CRISIS BANKING FINANCIAL ASSETS DEBT REPAYMENTS PROFIT CONSUMER PRICE INDEX PENSION FUND EXCHANGE RATE DEMOGRAPHIC MICRO DATA PROFITS PUBLIC PENSION LIABILITIES PRICES ASSET MANAGERS |
| spellingShingle |
GROWTH RATES NATIONAL CURRENCY SAVINGS RATIO DEFICIT HOLDING NATIONAL SAVING FUTURE GROWTH CONSUMER DURABLES INCOME FLOWS FOREIGN CURRENCY ACCOUNTING HOUSEHOLD’ SAVING MICRODATA DISPOSABLE INCOME INCOME INTEREST DUMMY VARIABLES PRIVATIZATION PENSION SYSTEMS FUTURE EARNINGS INTEREST RATE EXCHANGE OPTION BANKING SYSTEM CONSUMER GOODS HOUSEHOLD SAVING DEVELOPING COUNTRIES BEQUEST REPAYMENTS POLITICAL ECONOMY REVENUES RETAIL MARKET BONDS LOAN MACROECONOMIC CONDITIONS VALUABLE ASSET SUBSIDY PRICE TAX ASSET MANAGEMENT PENSION SYSTEM PENSION REFORMS SAVING ASSET HOLDINGS PRIVATE PENSION PENSION FUND CONTRIBUTIONS CREDITORS INFLATION INTERNATIONAL BANK PENSION WAGE GROWTH LIFE EXPECTANCY BUDGET PUBLIC POLICY PRIVATE SAVING SAVINGS CURRENCY REPLACEMENT RATE FINANCIAL INSTITUTION DOMESTIC CURRENCY ECONOMIC CRISES INCOME GROWTH INCOME SHOCK CONTRACTS PENSION CONTRIBUTIONS ASSET MANAGER RETIREMENT AGE INTEREST RATES DEBT MARKETS HOUSEHOLD INCOME PENSION REFORM LOCAL GOVERNMENT INFLATION RATE HOUSEHOLD SAVING RATE CONSUMPTION EXPENDITURE BUSINESS CYCLE INTERNATIONAL ECONOMICS DIVIDENDS PENSION FUNDS CONSUMER DEMAND SUBSIDIES REAL ESTATE FINANCE FOREIGN CURRENCY NEGATIVE SHOCK TAXES SAVINGS ACCOUNT EXPENDITURE MARKET ECONOMY EQUITY INCOME TAXES SAVINGS RATES LOAN REPAYMENT MACROECONOMIC DATA CAPITAL RATIO GOOD VOLATILITY INVESTMENT OPTIONS TURNOVER FUTURE SAVINGS RATE PENSIONS DEMOGRAPHIC CHANGE DISPOSABLE INCOMES REPAYMENT EXPENDITURES INCOMES PROPERTY PRIVATE PENSIONS SHARES CASH HOLDINGS INSURANCE PREMIUM NEGATIVE INCOME SHOCK MARKET PERSONAL PROPERTY TRADE UNIONS SECURITIES OUTPUT HOUSEHOLD SAVINGS HOUSEHOLD SAVING RATES EXPOSURE HOLDINGS INSURANCE RETIREMENT SAVINGS DEMOGRAPHIC CHANGES TRADE INTERESTS GOODS SECURITY TRANSFER PAYMENTS GROWTH RATE STOCKS REAL ESTATE INVESTMENT BEQUESTS SHARE ECONOMIC CRISIS BANKING FINANCIAL ASSETS DEBT REPAYMENTS PROFIT CONSUMER PRICE INDEX PENSION FUND EXCHANGE RATE DEMOGRAPHIC MICRO DATA PROFITS PUBLIC PENSION LIABILITIES PRICES ASSET MANAGERS Bussolo, Maurizio Simone, Schotte Matytsin, Mikhail Population Aging and Households’ Saving in the Russian Federation |
| geographic_facet |
Europe and Central Asia Russian Federation |
| relation |
Policy Research Working Paper;No. 7443 |
| description |
Using household data from the Russian
Longitudinal Monitoring Survey, this paper assesses how
aging affects saving. To overcome a systematic bias against
the life-cycle hypothesis of survey data, the paper
estimates how the age profile of saving changes when the
micro data are corrected to account for the contribution to
pensions (as additional saving) and receipt of benefits from
pensions (as dissaving). With these corrections, the Russian
data support the life-cycle hypothesis. A small decline in
the aggregate saving rate, because of aging, can thus be
expected. However, since aggregate saving rates result from
a combination of age and cohort effects, this decline may
not be significant. When extrapolating the rising trends of
the cohort effect, the fact that younger generations are
earning and saving more than older generation at the same
age, the projection shows a growing aggregate saving rate.
The changes in saving of future cohorts, for example because
of changes in the growth rate of the economy, can affect the
aggregate saving rate even more than aging. |
| format |
Working Paper |
| author |
Bussolo, Maurizio Simone, Schotte Matytsin, Mikhail |
| author_facet |
Bussolo, Maurizio Simone, Schotte Matytsin, Mikhail |
| author_sort |
Bussolo, Maurizio |
| title |
Population Aging and Households’ Saving in the Russian Federation |
| title_short |
Population Aging and Households’ Saving in the Russian Federation |
| title_full |
Population Aging and Households’ Saving in the Russian Federation |
| title_fullStr |
Population Aging and Households’ Saving in the Russian Federation |
| title_full_unstemmed |
Population Aging and Households’ Saving in the Russian Federation |
| title_sort |
population aging and households’ saving in the russian federation |
| publisher |
World Bank, Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/10/25159413/population-aging-households’-saving-russian-federation http://hdl.handle.net/10986/22874 |
| _version_ |
1764452294079807488 |