articles: Regional differences in personal saving rates in Spain

The aim of this article is to analyze, from an aggregate perspective, the differences in personal saving rates among the Spanish regions at the NUTS II level from 1986 to 1994. In accordance with the postulates of the life cycle hypothesis, we present the main economic determinants for personal saving rates obtained from an aggregate personal saving model. Correcting for temporal and spatial dependence in the empirical model, the analysis suggests the existence of a significant and negative relationship between aggregate personal saving rates and wealth, access to credit and direct tax burdens. Likewise, a nearly significant positive relationship between personal saving rates and per capita gross disposable personal income has been detected.