Saving and Capital Market Imperfections: The Italian Experience

Italy's saving rate is high by international standards, even when differences in growth are taken into account. We argue that credit and insurance market imperfections provide a plausible explanation for the high Italian saving rate. We also reject the potential roles of the public sector, info...

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Bibliographic Details
Published in:The Scandinavian journal of economics 1992-01, Vol.94 (2), p.197-213
Main Authors: Guiso, Luigi, Jappelli, Tullio, Terlizzese, Daniele
Format: Article
Language:English
Subjects:
Bequests
Capital market
Capital markets
Consumer credit
Credit insurance
Economic growth rate
Insurance markets
Italy
Liquidity
Mortgage loans
Private savings
Savings rates
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Summary:Italy's saving rate is high by international standards, even when differences in growth are taken into account. We argue that credit and insurance market imperfections provide a plausible explanation for the high Italian saving rate. We also reject the potential roles of the public sector, informal financial arrangements, bequests and the slope of the earnings profile as alternative explanations of the evidence.
ISSN:0347-0520
1467-9442
1467-9442
DOI:10.2307/3440446