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@PHDTHESIS{Tezkan:803880,
      author       = {Tezkan, Chantal},
      othercontributors = {Balleer, Almut and Lorz, Jens Oliver},
      title        = {{M}igration and savings: a macroeconomic perspective},
      school       = {Rheinisch-Westfälische Technische Hochschule Aachen},
      type         = {Dissertation},
      address      = {Aachen},
      reportid     = {RWTH-2020-09941},
      pages        = {1 Online-Ressource (iii, 79 Seiten) : Diagramme},
      year         = {2020},
      note         = {Veröffentlicht auf dem Publikationsserver der RWTH Aachen
                      University; Dissertation, Rheinisch-Westfälische Technische
                      Hochschule Aachen, 2020},
      abstract     = {As a result of the rising interconnection between countries
                      and continents, migration has become an ongoing political
                      and economic issue throughout the world. In Germany, the
                      public perception of immigration rose enormously during the
                      refugee crisis in 2015 as the migration balance drastically
                      increased in the same year. Using German data, this
                      dissertation studies how migration shocks affect the
                      behaviour, and in particular the saving decisions, of
                      private households in a macroeconomic framework, by focusing
                      on the saving heterogeneity between natives and migrants. In
                      the first chapter, the econometric analysis about the saving
                      probability of households from the German Socio-Economic
                      Panel provides interesting insights about the differences
                      between immigrated and native households. The results
                      document that migrants are on average significantly less
                      likely to save a part of their income for future purposes
                      than natives. This gap varies depending on the home country
                      of immigrant households and diminishes for naturalized,
                      hence culturally assimilated, immigrants. The estimations
                      further highlight that refugees have a significantly lower
                      probability to save than other migrants. Immigrants who
                      rather leave their home country for economic reasons are
                      likely to have a higher propensity for consumption
                      smoothing. Hence, cultural factors and the reasons for
                      migration might matter for the extensive savings margin,
                      i.e. the difference in the saving probability between
                      migrant and native households. The second part of this
                      dissertation analyses how an immigration increase affects
                      the saving behaviour of households in a vector
                      autoregression model using aggregated data from the German
                      Socio-Economic Panel. The results emphasize that a migration
                      shock increases the average saving rate of German
                      households, which is rather caused by a rise in the share of
                      forward-looking households than a behavioural change of
                      savers. As a consequence, immigration does not significantly
                      alter the relative income difference between saving and
                      non-saving households. The findings further highlight that
                      the share of forward-looking migrants is not significantly
                      affected by migration shocks, while the percentage of saving
                      natives significantly increases. Hence, native households
                      are more sensitive to changes in the migration balance than
                      immigrated households, which increases the extensive savings
                      margin between both groups. The last chapter investigates
                      how the expectations of investing agents influence their
                      economic behaviour in the presence of a migration shock in a
                      real business cycle model. The simulations in this chapter
                      reveal that the saving behaviour of immigrants matters for
                      the magnitude of the effects. The model predicts that a
                      positive share of saving migrants reduces the investment
                      incentives of forward-looking agents, while it increases
                      their labour supply and the average saving rate in the host
                      country. The saving incentives of immigrants therefore
                      positively affect output per capita, as well as the wages of
                      all labour groups and reduce income inequalities between
                      savers and consumers. The same effects occur for a welfare
                      state with a linearly progressive labour tax, whether
                      integration costs increase government spending or not.
                      Hence, the saving incentives of migrants provide benefits to
                      the host economy.},
      cin          = {811320},
      ddc          = {330},
      cid          = {$I:(DE-82)811320_20140620$},
      typ          = {PUB:(DE-HGF)11},
      doi          = {10.18154/RWTH-2020-09941},
      url          = {https://publications.rwth-aachen.de/record/803880},
}