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Determinants of household saving behavior in Russia: An econometric analysis

Vol. 18, Iss. 4, APRIL 2019

Received: 16 January 2019

Received in revised form: 29 January 2019

Accepted: 14 February 2019

Available online: 26 April 2019

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: D14

Pages: 604–621

https://doi.org/10.24891/ea.18.4.604

Malkina M.Yu. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation
mmuri@yandex.ru

https://orcid.org/0000-0002-3152-3934

Khramova I.Yu. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation
khramova.irina@mail.ru

ORCID id: not available

Subject The paper considers the saving behavior of the Russian population and the main factors influencing the accumulated household savings in Russian regions.
Objectives Our aims include the econometric modeling of household savings in regions of the Russian Federation, testing the obtained empirical results from the perspective of their correspondence to basic theoretical concepts of the economic theory of savings and the results of empirical studies by other authors.
Methods In our research, we applied methods of discounted cash flow, correlation and regression, econometric and graphical analysis.
Results We used the data on Russian regions for 2016 to explore the impact of the following groups of factors on household savings: personal income, wealth effect, demographic determinants, labor market condition, level of urbanization, and financial market development. We worked out three alternative econometric models, where personal deposits per capita were considered as a proxy variable of the level of accumulated savings in Russian regions.
Conclusions We revealed a significant impact of some explicative variables on the level of accumulated household savings. Signs of explanatory variables generally correspond to the economic patterns, but at the same time reflect the institutional specifics of the Russian economy.

Keywords: household savings, saving behavior, determinants of savings, econometric model, interregional difference

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