I am doing a research on remittances and how it impacts the trade balance. I build my theory that remittances in my sample trigger private savings and only small fraction is added to stock of national savings.
I use gross savings (simply measured as GDP-Consumption) as proxy for stock of savings in the economy, however I received a feedback during a presentation that is is not the best proxy for private savings in the economy.
SAVINGS: The IMF produces an annual report in its Global Economic Outlook series, see attached file. In this report, all economic indicators, i.e. saving, inflation, unemployment, etc. are reported. With annual per capita income, private consumption, national savings rate, etc.----play with these numbers, you may arrive at an estimate of "private" savings. The IMF's report runs back about 20 years or so, that may give some good data series to work with.
The data sets in Excel for 2013 & 2014 are attached. For prior years, try the link to IMF's website.
Cheers.
http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/download.aspx
Franco Modigliani, in his “Life Cycle Hypothesis of Saving, the Demand for Wealth and the Supply of Capital," Social Research, Volume 33, No. 2, Summer 1966” article, for instance, define private savings as the rate of growth in income times a private wealth to income ratio.
In his last article published posthumously in volume 6 of his collected papers, he gave a good illustration of his definition of private savings for China. (pp. 174-75 and appendix). There, the increase in personal wealth is measured by the sum of two components—holding of intangible assets, and the increase in the stock of major tangible assets. The appendix of that study lists the sources of his data for China.
Thank you Kotosz, No it is only private.
Thank you Paul Louangrath for these data sets, they were of great help to me.
Thank you Ramrattan, however i have doubts concerning availability of data about such variables for my panel datasets
I intend to use Household final consumption expenditures per capita - GDP per capita ( constant, US$ 2005)...
One would have comments or better suggestions please tell me!..
Hello!
What do you think about the
Personal saving as a percentage of disposable personal income (personal savings rate)? This can facilitate comparisons across countries.
For the US:
http://research.stlouisfed.org/fred2/series/A072RC1A156NBEA
Good luck!
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