Saving decisions and fiscal incentives: a Spanish panel-based analysis

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The objective of this paper is to examine the response of fiscally incentivated savings to income, wealth and a series of individual characteristics. We use a multiple step estimation strategy. Our dependent variable is double censored. Therefore, we first apply a Tobit technique to predict the desired savings, year by year. Then we stack these predictions and build a system of simultaneous equations that is estimated taking into consideration individual effects and cross-equation correlations induced by panel temporal structure and measurement errors in the dependent variables.

Document Type: Research Article


Publication date: September 1, 1996

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