Personal savings and transaction balance changes

Thomas, S.H. and Pearce, I.F. (1996) Personal savings and transaction balance changes. The Manchester School, 54 (4), 380-390.

Abstract

In this paper the authors draw attention (1) to the role of contractual saving via life funds in the definition of personal savings and (2) to the appearance of transactions balance changes in recorded data when inflation is present. Using quarterly U.K. data for the period 1963-82, they estimate a simple model, which is both theory and data consistent: changes in noncontractual savings are dominated by transaction balance changes, and other economic variables that frequently appear in savings and consumption studies are found to be unimportant.

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