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Author:
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 20
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Author:
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 20
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Author: Abdur R. Chowdhury
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Author: Cevdet Denizer
Publisher:
ISBN:
Category : Comparative economics
Languages : en
Pages : 20
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Book Description
In Bulgaria, Hungary, and Poland, the higher the relative household income is, the higher the savings rate is. But, surprisingly, savings rates appear to be unaffected by either sector of employment (public or Private) or form of employment. Savings rates are significantly higher for households that do not own their own homes or that own few of the standard consumer durables - possibly because, with no retail credit or mortgage markets, households must save to purchase houses and durables.
Author: Abdur R. Chowdhury
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
Author: Botagoz Sabirovna Kalkenova
Publisher:
ISBN: 9781124600673
Category :
Languages : en
Pages : 58
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Book Description
This thesis has investigated the differences of private savings determinants in fifteen selected former Soviet Union countries: Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Lithuania, Latvia, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. On the surface, savings rates in resource rich countries with autocratic political regimes tend to be higher than those in countries with more liberal, democratic political cultures. For that reason, this analysis was guided by the idea that diverging private savings rates cannot be solely explained by differing socio-economic fundamentals, but rather can be attributed to the nature of the political regimes shaping socio-economic fundamentals. In this regard a critical assumption underlying the line of argument was that different political regimes provide people with different opportunities and incentives to save. Taking this perspective, this thesis tried to extend on the existing literature on savings rates in transition economies, which has primarily viewed savings decisions as a function of socio-economic factors (e.g. GDP per capita, annual GDP growth). To analyze the empirical relationship between private savings and the quality of political institutions and regime types in the selected fifteen post-soviet countries, a two-way fixed effects panel model covering the period between 1998 and 2008 was applied. The data for this study has been obtained from different sources such as the World Bank, the International Monetary Fund, the Polity IV Project, the European Bank for Reconstruction and Development, and British Petroleum. Research findings indicate that financial and capital account liberalizations may increase domestic activity with a positive effect on overall economic income, and thus private savings, but it also can be a driver of short-term and non-sustainable financial acceleration. Striking a balance on this double edged sword of financial liberalization depends rather on the quality of market governing institutions, i.e. regulatory quality, than political regime type. Substantially lower and decreasing private savings rates in democratic countries of the former USSR can be attributed to popular pressures for immediate consumption. This has been primarily financed by a rapid influx of foreign bank capital. In contrast, well-endowed countries characterized by more autocratic forms of governance seem to have relied more on repressive financial governance and resource revenues to safe-guard political and economic stability. From a public policy perspective, several immediate implications arise. It would seem a natural choice for resource poor economies to implement taxes aimed at cooling an excessive expansion of consumption credit and thereby to direct capital inflows toward more productive ends in the investment sector would present a natural choice. In addition, raising social security contributions may slow down households' consumption (in this case, household disposable income will be lower), although it may also undermine households' ability to save. For resource rich economies, research findings indicate that these economies could reduce forced private savings and increase current consumption levels, spurring domestic demand and overall economic welfare for their citizens. However, as this study has shown, financial liberalization can come at the expense of deteriorating domestic private savings rates, if not accompanied by substantial macroeconomic and regulatory reform.
Author: Patrick J. Conway
Publisher: Springer Science & Business Media
ISBN: 1461515734
Category : Business & Economics
Languages : en
Pages : 366
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Book Description
List of Figures. List of Tables. List of Symbols. List of Country Acronyms. Foreword and Acknowledgements. I. The Transition Economies. II. Saving, by Plan and in the Market. III. Considering the Competing Explanations of Transition in Inflation and Economic Growth. IV. The Inflationary Explosion Following Price Liberalization. V. The Crisis Years. VI. Directed Credits and Financial Repression in Belarus. VII. Stabilization in Transition Economies. VIII. Ukraine in the Stabilization Phase. IX. Georgia: from Crisis to Stabilization .. and Then? X. The Fallout of the Russian Financial C.
Author: Patrick Conway
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
September 1995 Savings in transition economies have declined since independence, but something else has happened, too: Financial assets have shifted from bank deposits to alternative financial instruments, including foreign currency, trust company shares, and private loans. Government are not typically prepared to borrow savings from these new instruments since they are denominated in foreign currency or are offered only at positive real interest rates. That attitude must change if governments are to make needed investments in infrastructure and to avoid creating inflationary credit. The stimulation of private saving is essential to both stabilization and structural adjustment in the transition economies. Private saving in these countries has declined sharply since independence, and this decline has been a factor in the onset of extreme inflation because governments have resorted to an inflation tax to finance deficit spending. Conway examines evidence on spending in Belarus, Georgia, Kazakhstan, and Ukraine. He examines decisions about whether to save, and in which specific financial or real instruments. He summarizes the evolution of financial sectors in these countries to provide a history of the success or failure of financial institutions to intermediate between private savers and the government as borrower. He concludes that private saving has indeed declined since independence, but less than is indicated by banking-system statistics. Concurrent with this downturn has been a shifting of financial assets from bank deposits to alternative financial instruments, including foreign currency, trust company shares, and private loans. The financial sector has reacted slowly to this change, but the most successful commercial banks have recognized the change in demand for financial instruments and have accommodated the savers. The state commercial banks -- especially the successor to the Soviet Saving Bank -- have been slow to adjust to the new environment. As a result, the near-monopoly that bank once held on deposits has been rapidly eroded. Government methods for mobilizing funds must change, contends Conway. Governments are not typically prepared to borrow savings from these new instruments, since they are denominated in foreign currency or are offered only at positive real interest rates. That attitude must change if governments are to make needed investments in infrastructure and to avoid creating inflationary credit. This paper --a product of the Country Operations Division, Europe and Central Asia, Country Department IV -- is part of a larger effort in the region to analyze credit markets and savings in transition economies. The study was funded by the Bank's Research Support Budget under the research project Credit Markets and Savings Mobilization in Transition Economies (RPO 679-07).
Author: Abdur Chowdhury
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper examines whether terms of trade shocks have an asymmetric effect on private savings in transition economies. A simple three-period framework is developed to show that, in the presence of binding credit constraints in bad states of nature, savings rates can be sensitive to favorable movements in the permanent component of the terms of trade. This result contrasts with the prediction of the conventional consumption-smoothing model. Empirical analysis with a dynamic panel model further confirms that while favorable movements in the permanent component of the terms of trade have an asymmetric effect on private savings, the magnitude of the effect is relatively small. The results are robust for alternative estimators, determinants, and country groupings.
Author: Micael Castanheira
Publisher:
ISBN:
Category : Capitalism
Languages : en
Pages : 40
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Book Description
Author: Botagoz Kalkenova
Publisher: LAP Lambert Academic Publishing
ISBN: 9783845477732
Category :
Languages : en
Pages : 56
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Book Description
Inheriting similar political and economic institutions, the dissolution of the Soviet Union can be considered as a natural experiment that allows the tracing of the influence of political institutions on economic results. This book will investigate the difference of the private saving rate determinants in fifteen selected former USSR countries. On the surface, savings rates in resource rich countries with autocratic political regimes tend to be higher than those in economies with more liberal political cultures. For that reason, the analysis is guided by the idea that diverging private savings rates cannot be solely explained by differing socio-economic fundamentals, but can be rather attributed to the nature of political regimes shaping socio-economic fundamentals and thus private savings decisions. In this regard, a critical assumption, underlying the line of argument, is that different political regimes provide people with different opportunities and incentives to save. Taking this perspective, this book tries to extend on the existing literature on savings rates in transition economies, which has primarily viewed savings decisions as a function of socio-economic factors.
