Noble International Journal of Economics and Financial Research

Online ISSN: 2519-9730 | Print ISSN: 2523-0565


    Volume 4 Number 12 December 2019


Pages: 111-120
Authors: Irma Didelija
This paper deals with the analysis of the empirical literature of the determinants of saving. Capital accumulation in the form of savings is becoming an increasingly significant source of investment financing and economic growth. The review of the empirical literature determines what the statistically significant factors that determine savings are. Empirical works were obtained by proving the direction and strength of the relationship between the observed phenomena, using different methodology, with or without examining the maturity effects of particular saving factors. Statistically significant determinants of savings can be grouped into the following groups: financial determinants (deposit interest rate, financial market development, stock market development), demographic determinants (dependent population rate, life expectancy, urbanization rate), education and employment (education level, form employment), government policy (public revenues and expenditures, public savings / budget deficit, forms of social assistance), income, macroeconomic uncertainty (inflation, CPI changes), external factors (export / import ratio, current account balance, trade balance). The results of this paper provide the basis for building further savings models.

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