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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},
}
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