References Andres, J., Molinas, C. and D. Taguas (1990): “Una Función de Consumo Privado para la Economía Española: Aplicación del Análisis de Cointegración”. Cuadernos Económicos del ICE, 44, pp. 173-212. Arellano, M. and S. Bond (1991):"Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations", Review of Economic Studies, 58: 277-297. Argimón, I., González-Páramo, J.M. and J.M. Roldán (1993): “Ahorro, Riqueza y Tipos de Interés en España”. Investigaciones Económicas, 17(2), pp. 313-332. Attanasio, O. (1999):”Consumption”, in Taylor, J.B. and M. Woodford (Eds.): Handbook of Macroeconomics, vol 1, pp. 741-861. Elsevier Science, Amsterdam. Bande. R., Fernández-Grela, M. and D. Riveiro (2011): “Consumption, Saving, Investment, and Unemployment. SVAR Tests of the Effects of Changes in the Consumption-Saving Pattern”. IDEGA, Área de Análise Económica, Working Paper no 45. Bande, R. and D. Riveiro (2012): “La Relación Consumo-Inversión-Desempleo en España: un análisis con datos regionales”. IDEGA, Área de Análise Económica, working paper no 49. Bandiera, O., Caprio, G., Honohan, P. and F. Shciantarelli (2000): “Does Financial Reform Raise or Reduce Saving?”. Review of Economics and Statistics, 82(2), pp. 239-263. Baltagi, B.H. (2008): Econometric Analysis of Panel Data, 4th edition. Wiley, New York. Barceló, C. and E. Villanueva (2010): “Los Efectos de la Estabilidad Laboral sobre el Ahorro y la Riqueza de los Hogares Españoles”. Banco de España, Boletín Económico, June, pp. 81-86. Blundell, R., and S. Bond (1998):"Initial conditions and moment restrictions in dynamic panel data models". Journal of Econometrics, 87: 115-143. Bosworth, B., and G. Chodorw-Reich (2007): “Saving and Demographic Change: The Global Dimension”. Center for Retirement Research at Boston College, Working Paper 2007-2. Campbell, J.Y. and G. Mankiw (1989): “Consumption, Income and Interest Rate: Reinterpreting the Time Series Evidence”, in Blanchard O.J. and S. Fisher (Eds.) Macroeconomic Annual, MIT Press, Cambridge, MA, pp. 185-216. Carroll, C.D. (1992): “The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence”; Brookings Papers on Economic Activity, 2, pp. 61-127. Carroll, C.D. (1994): “How Does Future Income Affect Current Consumption?”. Quarterly Journal of Economics, 109, pp.111-147. Carroll, C.D. (1997): “Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis”; The Quarterly Journal of Economics, Vol. 112 (1), pp. 1-55. Carroll, C.D. and L. Summers (1987): “Why Have Private Savings Rates in the Uinted States and Canada Diverged?”. Journal of Monetary Economics, 20, pp. 249-279. Cook, J.C. (1995): “Savings Rates and Income Distribution: Further Evidence from LDC”. Applied Economics, 27, pp. 71-82. Cuadro-Sáez, L. (2011): “Determinantes y Perspectivas de la Tasa de Ahorro en Estados Unidos”. Banco de España, Boletín Económico, April 2011, pp. 111-121. Dreze, J. and F. Modigliani (1972): “Consumption Decision under Uncertainty”. Journal of Economic Theory, 5, pp. 308-335. Dynan, K. (1993): “How Prudent are Consumers?”. Journal of Political Economy, 101, pp. 1104-113. Dynarski, M. and S. Sheffrin (1987): “Consumption and Unemployment”. Quarterly Journal of Economics, 102, pp.411-428. Edwards, S. (1996): “Why are Latin American’s Savings Rates so Low? An International Comparative Analysis”. Journal of Development Economics, 51, pp. 5-44. Graham, J. (1987): “International Differences in Saving Rates and the Life Cycle Hypothesis”. European Economic Review, 31, pp. 1509-1529. Graham, J. (1989): “International Differences in Saving Rates and the Life Cycle Hypothesis. Reply and Further Evidence”. European Economic Review, 33, pp. 1499-1507. Guarilia, A. And B.Y. Kim (2003): “The Effects of Consumption Variability on Saving: Evidence from a Panel of Muscovite Households”. Oxford Bulletin of Economics and Statistics, 65, pp.357-377. Guiso, L., Japelli, T. and D. Terlizzese (1992): “Earnings Uncertainty and Precautionary Saving”. Journal of Monetary Policy, 30, 307-337. Hahm, J.H. (1999): “Consumption Growth, Income Growth and Earnings Uncertainty: Simple Cross-Country Evidence”. International Economic Journal, 13, pp. 39-58. Hahm, J.H. and D.G. Steigerwald (1999): “Consumption Adjustment under Time- Varying Income Uncertainty”. Review of Economics and Statistics, 81, pp.32-40. Horioka, C. and A. Terada (2010): “Determinants and Long-term Projections of Saving Rates in Developing Asia”. Asian Development Bank, ADB Economics working paper 228. International Monetary Fund (2012): “Spain: Financial System Stability Assessment”. IMF Country Report, no 12/137. Japelli, T. and M. Pagano (1994): “Saving, Growth and Liquidity Constraints”. Quarterly Journal of Economics, 109, pp 83-108. Kazarosian, M. (1997): “Precautionary Savings: A Panel Study”. Review of Economics and Statistics, 79(2), pp. 241-247. Kessler, D., Perelman, D. And P. Pestieau (1993): “Savingd Behaviour in 17 OECD Countries”. Review of Income and Health, 39(1), pp. 37-49. Kimball, M. S. (1990): “Precautionary saving in the Small and in the Large”; Econometrica, 58, pp. 53-73. Leland, H. (1968): “Saving and uncertainty: the Precautionary demand for Saving”. Quarterly Journal of Economics, 82, pp.465-473. Loayza, N., Schimdt-Hebbel, K. and L. Servén (2000): “What Drives Private Saving Across the World?”. Review of Economics and Statistics, vol 82(2), pp. 165-181. Lusardi, A. (1998):”On the Importance of the Precautionary Saving Motive”. American Economic Review Papers and Proceedings, 88, pp.449-453. Lyhagen, J. (2001): “The Effect of Precautionary Saving on Consumption in Sweden”. Applied Economics, 33, pp.673-681. Malley, J. and T. Moutos (1996): “Unemployment and Consumption”. Oxford Economic Papers, 48, pp. 548-600. Marchante, A., Ortega, B. and F. Trujillo (2001): “Regional Differences in Personal Saving Rates in Spain”. Papers in Regional Science, 80, pp.465-482. Menegatti, M. (2007): “Consumption and Uncertainty: a Panel Analysis in Italian Regions”. Applied Economics Letters, 14, pp. 39-42. Menegatti, M. (2010): “Uncertainty and Consumption: New Evidence in OECD Countries”. Bulletin of Economic Research, 62(3), pp. 227-242. Modigliani, F. (1993): “Recent Declines in the Savings Rates: A Life Cycle Perspective”, in Baldassari, M., Paganetto, L., Phelps. E. (Eds): World Saving Prosperity and Growth. McMillan Press and St. Martin’s Press, Rome. Mody, A., Ohnsorge F. and D. Sandri (2012): “Precautionary Savings in the Great Recession”. IMF Working Paper WP12/42. Rebelo, S. (1991): “Long Run Policy Analysis and Long Run Growth”. Journal of Political Economy, 99. Romer, P. (1986): “Increasing Returns and Long Run Growth”. Journal of Political Economy, Vol. 94 (5), pp. 1002-1037. Sastre, T. and J.L. Fernández-Sánchez (2011): “La Tasa de Ahorro Durante la Crisis Económica: el Papel de las Expectativas de Desempleo y de la Financiación”. Banco de España, Boletín Económico, November, pp. 63-77. Smith, R.P. and A.M. Fuertes (2010):"Panel Time-Series", mimeo.