Have Filipino Households Become Less Prudent?
解释2000年代菲律宾家庭储蓄率为何大幅下降，发现所有人口群体储蓄均减少，并通过预防性储蓄动机检验指出家庭近年面临财务约束且谨慎程度降低，原因可能是1990年代社会保障覆盖扩大。
Abstract Throughout the 2000s, the average household saving rate in the Philippines declined sharply. This article explains why households' consumption growth has been higher than income growth during this period. Tracing cohorts shows that saving declined across all demographic groups. A test that provides the strength of the precautionary saving motive yields a plausible explanation that households have become financially constrained and less prudent in recent years. This article argues that these patterns are best explained by the extended coverage of the social security system particularly to informal sector employees during the 1990s in the Philippines.