Importance The article deals with the issues of savings of the population in the Russian Federation and its regions and the factors that determine the savings. Objectives The article aims to identify the mechanisms and the most significant factors in generating the savings of the population and explain their underlying interregional differences in the level of savings in the constituent entities of the Russian Federation. Methods For the study, we used income discounting, correlation and regression, econometric, and graphical analysis methods. Results We calculate average savings rates and the elasticity of current savings with respect to current incomes for the regions of the Russian Federation. Based on data from the Russian regions, we develop econometric models for the generation of per capita current consumption and accumulated savings, represented as a proxy variable, and the average personal deposits per capita. Conclusions and Relevance The models developed show the significant impact of discounted revenues, agglomeration effect, wealth, demographic structure of the population, and level of financial development of the region on the level of per capita savings in regions. The results may be useful for further development of the economic theory of savings and for managing savings processes at the regional and interregional levels.
Keywords: personal savings, determinants, region, model
Sasaki M., Latov Yu., Romashkina G., Davydenko V. [Confidence in modern Russia (A comparative approach to "social virtues")]. Voprosy Ekonomiki, 2010, no. 2, pp. 83–102. (In Russ.)
Trofimov G.Yu. [Economy and neuroscience: on the path of synthesis]. Ekonomika i matematicheskie metody = Economics and Mathematical Methods, 2006, vol. 42, no. 4, pp. 3–16. URL: Link (In Russ.)
Kapounek S., Korab P., Deltuvaite V. (Ir)rational Households' Saving Behavior? An Empirical Investigation. Procedia Economics and Finance, 2016, vol. 39, pp. 625–633. doi: 10.1016/S2212-5671(16)30309-4
Modigliani F., Brumberg R.H. Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data (1954). The Collected Papers of Franco Modigliani. London, Cambridge, The MIT Press, 2005, pp. 3–10.
Modigliani F., Cao S. The Chinese Saving Puzzle and the Life-Cycle Hypothesis. Journal of Economic Literature, 2004, vol. 42, iss. 1, pp. 145–170. doi: 10.1257/002205104773558074
Ryzhkova M.V. [Evolution of views on the life cycle hypothesis]. Izvestiya Tomskogo politekhnicheskogo universiteta. Inzhiniring georesursov = Bulletin of Tomsk Polytechnic University. Geo Assets Engineering, 2013, vol. 322, no. 6, pp. 61–64. URL: Link (In Russ.)
Shefrin H.M., Thaler R.H. The Behavioral Lifecycle Hypothesis. Economic Inquiry, 1988, vol. 26, iss. 4, pp. 609–643. URL: Link
Laibson D.I. Golden Eggs and Hyperbolic Discounting. The Quarterly Journal of Economics, 1997, vol. 12, iss. 2, pp. 443–477. doi: 10.1162/003355397555253
Laibson D.I., Harris C. Dynamic Choices of Hyperbolic Consumers. Econometrica, 2001, vol. 69, iss. 4, pp. 935–957. doi: 10.1111/1468-0262.00225
Gul F., Pesendorfer W. Self-control, Revealed Preference and Consumption Choice. Review of Economic Dynamics, 2004, vol. 7, iss. 2, pp. 243–264. doi: 10.1016/j.red.2003.11.002
Malkina M.Yu., Khramova I.Yu. [Analyzing the saving behavior of Russian banks' depositors]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2016, no. 8, pp. 4–17. URL: Link (In Russ.)
Hüfner F., Koske I. Explaining Household Saving Rates in G7 Countries: Implications for Germany. OECD Economics Department. Working Papers. Paris, OECD Publishing, 2010, no. 754.
Masson P.R., Bayoumi T., Samiei H. International Evidence on the Determinants of Private Saving. The World Bank Economic Review, 1998, vol. 12, iss. 3, pp. 483–502.
Loayza N., Schmidt-Hebbel K., Servén L. What Drives Private Saving across the World? The Review of Economics and Statistics, 2000, vol. 82, iss. 2, pp. 165–181. doi: 10.1162/003465300558678
Hondroyiannis G. Private Saving Determinants in European Countries: A Panel Co-integration Approach. Social Science Journal, 2006, vol. 43, iss. 4, pp. 553–569. doi: 10.1016/j.soscij.2006.08.004
Bandiera O., Caprio G., Honohan P., Schiantarelli F. Does Financial Reform Raise or Reduce Saving? Review of Economics and Statistics, 2000, vol. 82, iss. 2, pp. 239–263. doi: 10.1162/003465300558768
De Mello L., Kongsrud P., Price R. Saving Behavior and the Effectiveness of Fiscal Policy. Paris, OECD Publishing, OECD Economics Department Working Papers, 2004, no. 397.
Horioka Ch.Y., Terada-Hagiwara A. The Determinants and Long-term Projections of Saving Rates in Developing Asia. Japan and the World Economy, Elsevier, 2012, no. 24(2), pp. 128–137. doi: 10.1016/j.japwor.2012.01.006
Kolasa A., Liberda V. Determinants of Saving in Poland: Are They Different Than in Other OECD Countries? Eastern European Economics, 2015, vol. 53, iss. 2. pp. 124–148. doi: 10.1080/00128775.2015.1033276
Kirsanova T., Sefton J.A. Comparison of National Saving Rates in the UK? US and Italy. European Economic Review, 2007, vol. 51, iss. 8, pp. 1998–2028. doi: 10.1016/j.euroecorev.2007.01.005
Kozlova O.A., Tukhtarova E.Kh. [Factor analysis of the relationship “consumption-saving” in the Ural Federal District]. Ekonomika regiona = Economy of Region, 2014, no. 3, pp. 248–257. URL: Link (In Russ.)
Cristadoro R., Marconi D. Urban and Rural Household Savings in China: Determinants and Policy Implications. The Chinese Economy. Recent Trends and Policy Issues. Berlin Heidelberg, Springer, 2013, 282 p.