THE RESPONSE OF HOUSEHOLD SAVINGS TO ANTICIPATED INCOME CHANGES: NATURAL EXPERIMENTS USING NATURAL AND NON-NATURAL FACTORS
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
This paper aimed to test the response of household savings to anticipated income changes. Using a data matching technique between the Socio-economic Survey (SES) of Thai Agricultural Households and Labor drawn from crop years 2006/2007 and 2007/2008 and the 2006 Survey of the Integrated Management Plan on Saline Soil in the North-eastern Region of Thailand, this paper did natural experiments comprising both natural and non-natural factors as instrumental variables. The results showed that there existed to some extent evidence of excess sensitivity in Thailand. The robustness of the results was confirmed by using three estimators as well as using seven instrumental variables, which were in the form of actual and subjective data.
Abstract
This paper aimed to test the response of household savings to anticipated income changes. Using a data matching technique between the Socio-economic Survey (SES) of Thai Agricultural Households and Labor drawn from crop years 2006/2007 and 2007/2008 and the 2006 Survey of the Integrated Management Plan on Saline Soil in the North-eastern Region of Thailand, this paper did natural experiments comprising both natural and non-natural factors as instrumental variables. The results showed that there existed to some extent evidence of excess sensitivity in Thailand. The robustness of the results was confirmed by using three estimators as well as using seven instrumental variables, which were in the form of actual and subjective data.
참고문헌 (47)
- Fiscal Stimulus and Households’ Non-Durable Consumption Expenditures: Evidence from the 2009Australian Nation Building and Jobs Plan, No 689, "Aisbett, E.", Centre for Economic Policy Research, Research School of Economics, Australian National University, ~ (2009)
- Accessorizing: The Effect of Union Contract Renewals on Consumption, "Adamopoulou, E.", Bank of Italy, Economic Research and International Relations Area, ~, pp.Economic working papers No.1024 (2015)
- Anderson, T.W., "The Asymptotic Properties of Estimates of the Parameters of a Single Equation in a Complete System of Stochastic Equations", Annals of Mathematical Statistics, 21(4), pp.570~582 (1950)
- Bai, J., "Instrumental Variable Estimation in a Data Rich Environment", Econometric Theory, 26(6), pp.1577~1606 (2010)
- Basmann, R. L., "On Finite Sample Distributions of Generalized Classical Linear Identifiability Test Statistics", Journal of the American Statistical Association, 55(292), pp.650~659 (1960)
- Blaylock, A. D., "Soil Salinity, Salt Tolerance, and Landscape Plants" (1994), University of Wyoming, Cooperative Extension Service, Department of Plant, Soil and Insect Service, College of Agriculture
- Browning, M., "The Response of Expenditures to Anticipated Income Changes : Panel Data Estimates", American Economic Review, 91(3), pp.681~692 (2001)
- Growing Trees on Salts-Affected Land, "Corbishley, J.", Australian Centre for International Agricultural Research, ~, pp.ACIAR Impact Assessment Series Report No.51 (2007)
- Clermont-Dauphin, C., "Yield Rice under Water and Soil Salinity Risks in Farmers’ Fields", Field Crop Research, 118(3), pp.289~296 (2010)
- DERM, "Salinity Management, Handbook" (2011), Department of Environment and Resource Management, Queensland Government Publication
- Diaz, D.R., "Management of Saline and Sodic Soils", K-State Research and Extension, Department of Agronomy, Kansas State University, ~ (2017)
- Dominitz, J., "Estimation of Income Expectations Models using Expectations and Realization Data", Journal of Econometrics, 102(2), pp.165~195 (2001)
- Dominitz, J., "Using Expectations Data to Study Subjective Income Expectations", Journal of American Statistical Association, 92(439), pp.855~867 (1997)
- Fafchamps, M., "Drought and Saving in West Africa : Are Livestock a Buffer Stock", Journal of Development Economics, 55(2), pp.273~305 (1998)
- Faisal A.H, "Farmers’ Perception of Drought and Its Impact on a Community Livelihood in Rural Northeastern Thailand", Khon Kaen Agricultural Journal, 42(3), pp.427~442 (2014)
- Flavin, M., "The Adjustment of Consumption to Changing Expectations about Future Income", Journal of Political Economy, 89, pp.974~1009 (1981)
- Freanze, D., "Managing Saline Soils in North Dakota", NDSU Extension Service SF 1087, North Dakota State University, ~ (2013)
- Hall, N. H., "Adapting Modeling Systems for Salinity Management of Farms and Catchments in Australia and Thailand", Mathematics and Computers in Simulation, 64(3-4), pp.319~327 (2004)
- Hall, R. E., "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis : Theory and Evidence", Journal of Political Economy, 86(6), pp.971~987 (1978)
- Managing the Economics of Soil Salinity, "Hadrich, J. C.", Department of Agribusiness and Applied Economics, North Dakota State University, ~, pp.Agribusiness and Applied Economics Report No. 685 (2011)
- Hori, M., "The Response of Household Expenditure to Anticipated Income Changes : Bonus Payments and the Seasonality of Consumption in Japan", B. E. Journal of Macroeconomics, 9(1), pp.1~22 (2009)
- Hsieh, C. T., "Do Consumers React to Anticipated Income Changes? Evidence from the Alaska Permanent Fund", American Economic Review, 93(1), pp.397~405 (2003)
- Jamil, A., "Gene Expression Profiling of Plants under Salt Stress", Critical Reviews in Plant Sciences, 30(5), pp.435~458 (2011)
- Jappelli, T., "Using Subjective Income Expectations to Test for Excess Sensitivity of Consumption to Predicted Income Growth", European Economic Review, 44(2), pp.337~358 (2000)
- Johnson, D. S., "Household Expenditure and the Income Tax Rebates of 2001", American Economic Review, 96(5), pp.1589~1610 (2006)
- Kazianga, H., "Consumption Smoothing? Livestock, Insurance and Drought in Rural Burkina Faso", Journal of Development Economics, 79(2), pp.413~446 (2006)
- Kochar, A., "Explaining Household Vulnerability to Idiosyncratic Income Shocks", American Economic Review, 85(2), pp.159~164 (1995)
- Kochar, A., "Smoothing Consumption by Smoothing Income : Hours-of-Work Responses to Idiosyncratic Agricultural Shocks in Rural India", Review of Economics and Statistics, 81(1), pp.50~61 (1999)
- Kueng, L., "Excess Sensitivity of High-Income Consumers", Quarterly Journal of Economics, 133(4), pp.1693~1751 (2018)
- Leartlam, C., "Investment of Rice Farming Households in Thailand and Vietnam", Kasetsart Journal of Social Sciences, 42(1), pp.1~8 (2021)
- Manprasert, S., "Life Cycle-Permanent Income Hypothesis and Liquidity Constraints in Thai Households: Evidence from Micro Data", The 2nd Thailand’s National Conference for Economists (2006)
- Munns, R., "Salinity Tolerance of Crops-What is the Cost", New Phytologist, 208(3), pp.668~673 (2015)
- Nawata, E., "Mapping of Climatic Data in Northeast Thailand : Rainfall", J-STAGE, 14(2), pp.191~201 (2005)
- Ng, S., "Selecting Instrumental Variables in a Data Rich Environment", Journal of Time Series Econometrics, 1(1), pp.1~34 (2009)
- Ni, S., "New Evidence on Excess Sensitivity of Household Consumption", Journal of Monetary Economics, 63, pp.80~94 (2014)
- Parker, J. A., "The Reaction of Household Consumption to Predictable Changes in Social Security Taxes", American Economic Review, 89(4), pp.959~973 (1999)
- Paxson, C. H., "Using Weather Variability to Estimate the Response of Savings to Transitory Income in Thailand", American Economic Review, 82(1), pp.15~33 (1992)
- Rengasamy, P., "World Salinization with Emphasis on Australia", Journal of Experimental Botany, 57(3), pp.1017~1023 (2005)
- Rose, E., "Ex ante and Ex-Post Labor Supply Response to Risk in a Low-Income Area", Journal of Development Economics, 64(2), pp.371~388 (2001)
- Saisema, J., "Ecological and Socioeconomic Factors that Affect Rice Production in Saline Soil, Borabue, Mahasarakham, Thailand : Implications for Farm Management Practices", Agroecology and Sustainable Food Systems, 39(1), pp.62~82 (2015)
- Sargan, J. D., "The Estimation of Economic Relationships using Instrumental Variables", Econometrica, 26(3), pp.393~415 (1958)
- Shaw, R. J., "Soil Salinity-Electrical Conductivity and Chlorid in Soil Analysis: An Interpretation Manual" (1999), CSIRO Publishing
- Shea, J., "Union Contracts and the Life-Cycle", Permanent-Income Hypothesis, 1995, pp.85(1), 186~200
- Shrivastava, P., "Soil Salinity : A Serious Environmental Issue and Plant Growth Promoting Bacteria as one of the Tools for Its Alleviation", Saudi Journal of Biological Sciences, 22(2), pp.123~131 (2015)
- Sirisankanan, A., "Risk, Uncertainty and Consumption Smoothing Mechanisms : Evidence from Thai Household Socio-Economic Panel Data", Journal of Southeast Asian Economies, 32(1), pp.163~179 (2015)
- Souleles, N. S., "The Response of Household Consumption to Income Tax Refunds", American Economic Review, 89(4), pp.947~958 (1999)
- Zeldes, S. P., "Consumption and Liquidity Constraints: An Empirical Investigation", Journal of Political Economy, 97(2), pp.305~346 (1989)
