scholarly journals A kelet-közép-európai háztartási megtakarításokat és eladósodást meghatározó makrogazdasági tényezők = The determinants of household savings

2021 ◽  
Vol 16 (2) ◽  
pp. 116-127
Author(s):  
Viktória Endrődi-Kovács ◽  
Gábor Kutasi ◽  
Tímea Adél Tóth
Keyword(s):  
Economic Growth ◽  
Regression Analysis ◽  
Interest Rates ◽  
Neoclassical Economics ◽  
Panel Regression ◽  
Eastern European ◽  
Household Savings ◽  
Macroeconomic Variables ◽  
The Real

A különböző közgazdasági irányzatok között egységes álláspont, hogy a háztartások megtakarítása a beruházáson keresztül a gazdasági növekedés egyik motorja. Azt illetően azonban, hogy a lakossági megtakarításokat, illetve az eladósodottságot milyen tényezők határozzák meg, éles vita figyelhető meg a szakirodalomban. Amíg például a neoklasszikus közgazdaságtan a kamatlábra helyezi a hangsúlyt, addig a keynesi megközelítés inkább a jövedelemre. A tanulmány a kelet-közép-európai (V4+3) gazdaságok háztartási megtakarítására vonatkozóan végez OLS panelregressziós elemzést. A különböző torzító hatások kiszűrésével beazonosítja azokat a makrogazdasági változókat, amelyek ténylegesen hatnak a háztartási szektor megtakarításaira és eladósodására. Mindebből következtetni lehet a hatékony megtakarítás-ösztönzőkre. = There is a common approach among the various economics schools that households’ savings are an engine of the economic growth by investments. However, a sharp discussion can be observed in the literature about the real determinant factors of household savings and indebtedness. While the neoclassical economics focuses on interest rates among others, the Keynesian approach emphasises rather the role of income. The study performs OLS panel regression analysis about the household savings of Central and Eastern European (V4+3) economies. It identifies the macroeconomic variables that factually affect the households’ savings and indebtedness by filtering the various distorting effects. The results give opportunity to conclude about the effective incentives for savings.

scholarly journals Financial system and growth and economic development

VUZF Review ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 160-170
Author(s):  
Małgorzata Hala
Keyword(s):  
Economic Growth ◽  
Economic System ◽  
Financial Institutions ◽  
Financial System ◽  
Financial Sector ◽  
Real Sector ◽  
The Real ◽  
State And Local ◽  
The Impact

The aim of the article is to present the role of the financial system in economic growth and development. The first part presents the traditional understanding of the relationship between the economic system and economic growth. The second part presents the experience of financial crises and their impact on the conversation on the mutual relations between the financial sector and the real sector. The third part shows the role of the state in the financial system. The article describes the arrangement of interrelated financial institutions, financial markets and elements of the financial system infrastructure.  It shows what part of the economic system the financial system is, and whether it enables the provision of services allowing the circulation of purchasing power throughout the economy. The article presents the important role of the financial system, the role related to the transfer of capital from entities with savings to entities that need capital for investments. It shows the financial system as a set of logically related organizational forms, legal acts, financial institutions and other elements enabling entities to establish financial relations in the real sector and the financial sector, and this system forms the basis of activity for entities using money, enabling the conclusion of various economic transactions, in which money performs various functions. The article also presents the concept of a financial crisis as a situation in which there are rapid changes in the financial market, usually associated with insufficient liquidity or insolvency of banks or financial institutions, and as a result, a decrease in production or its deepening. The article also includes issues related to the impact of public authorities (state and local authorities) on the financial system in the economy.

Money and Household Consumption Expenditure in Developing Asia: Some Panel ARDL Evidence

2021 ◽  
pp. 001946622110624
Author(s):  
Ghanashyama Mahanty ◽  
Himanshu Sekhar Rout ◽  
Swayam Prava Mishra
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Household Consumption ◽  
Asia Pacific ◽  
Consumption Expenditure ◽  
Data Set ◽  
Final Consumption ◽  
Long Run ◽  
Short Run

The role of money in influencing real economic activities has been a long-standing debate in macroeconomics. As per the Keynesian theory, household consumption expenditure plays a significant role in promoting economic growth. Given the rapid consumption-led growth pattern in the emerging Asia Pacific region, in this article, we attempt to assess the role of money in influencing household consumption expenditure, which propels economic growth. We employ a panel data set from 2005–2018 for 10 emerging Asian economies, covering Bangladesh, Cambodia, India, Indonesia, Malaysia, Pakistan, Philippines, Sri Lanka, Thailand and Vietnam. Given the region’s heterogeneous nature, we employ a variant of the popular St Louise equation model with autoregressive distributed lag model (ARDL) panel framework based on pooled mean group (PMG) and dynamic fixed effect (DFE) models developed by Pesaran and Shin to study the underlying relationships. Both PMG and DFE models suggest a strong positive relationship between money and household consumption expenditure both in the long run and short run. After allowing for control variables such as government final consumption expenditure and interest rate, the relationships continue to hold steady. Further, the relationship holds true across both narrow (M1) and broad money (M3) measures. The government final consumption expenditure and interest rates do not have influence on household consumption expenditure in the long run, but they have an influence in the short run. JEL Codes: C23, O16, O47, E51, E31, E21

scholarly journals Risk Premia and the Real Effects of Money

2020 ◽  
Vol 110 (7) ◽  
pp. 1995-2040 ◽  
Author(s):  
Sebastian Di Tella
Keyword(s):  
Interest Rates ◽  
Risk Premium ◽  
Risk Sharing ◽  
Optimal Allocation ◽  
Price Theory ◽  
The Real ◽  
Friedman Rule ◽  
Real Effects ◽  
Tax Subsidy

This paper proposes a flexible-price theory of the role of money in an economy with incomplete idiosyncratic risk sharing. When the risk premium goes up, money provides a safe store of value that prevents interest rates from falling, reducing investment. Investment is too high during booms when risk is low, and too low during slumps when risk is high. Monetary policy cannot correct this: money is superneutral and Ricardian equivalence holds. The optimal allocation requires the Friedman rule and a tax/subsidy on capital. The real effects of money survive even in the cashless limit. (JEL E32, E41, E43, E44, E52)

EFFECTS OF SELECTED MACROECONOMIC VARIABLES ON DIASPORA REMITTANCES IN KENYA FOR THE PERIOD 1980 TO 2016

2020 ◽  
Vol 7 (9) ◽  
pp. 741-751
Author(s):  
PEREZ ONONO ◽  
ABBA Mohammed
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Financial Services ◽  
Financial Sector ◽  
Macroeconomic Policies ◽  
Macroeconomic Variables ◽  
Currency Depreciation ◽  
Financial Sector Development ◽  
Stock Market Performance ◽  
Economic Ties

This study investigated the effect of selected macroeconomic variables on diaspora remittances in Kenya. Earlier studies for Kenya on diaspora remittances have focused mainly on the importance of foreign remittances on economic growth and stock market performance with less focus on macroeconomic variables that drives the remittances. In particular, the study determined the effect of economic growth, interest rates, and openness of the economy, interest rates differential and exchange rates on diaspora remittances in Kenya for the period 1980 – 2016 based on quarterly data. The study found that currency depreciation increases diaspora remittances. Similarly, economic growth, financail sector development and openness of the economy were shown to increase diaspora remittances. Based on the findings, the study recommends the need for effective application of prudent macroeconomic policies to attract more diaspora remittances inflows. In addition, there is need to adopt policies geared towards financial sector development such as the policies on formalization of the informal financial services, leveraging on the technology for financial sector development. Lastly, establishing more economic ties beyond trade with other economies to address issues on the taxation and other charges on the remitting funds from abroad would go a long way in promoting diaspora remittances inflows.

The Nexus between Resource Mobilization by Mutual Funds and Economic Growth in India

2012 ◽  
Vol 13 (1) ◽  
pp. 123-136 ◽  
Author(s):  
P.K. Mishra
Keyword(s):  
Economic Growth ◽  
Mutual Funds ◽  
Developing Country ◽  
Resource Mobilization ◽  
The Real ◽  
Long Run ◽  
Policy Variable ◽  
Short Run ◽  
The Relationship

Mutual funds allow for portfolio diversification and relative risk aversion through collection of funds from the households and investment of the same in the stock and debt markets. In this process, mutual funds industry plays the most important role of a resource mobilizer. As a resource mobilizer, the industry collects the investible surpluses from the surplus-spending units and channelizes the same to the deficit-spending units of an economy. Such a function has wide relevance for a developing country like India. Arguably, mutual funds industry as a resource mobilizer appears to contribute to real economic growth of a country by reducing the transaction costs and raising the purchasing power of the investors. Thus, this article is an attempt to investigate the dynamics of the relationship between gross funds mobilized by mutual funds and the real economic growth of a developing country like India for the period 1970–71 to 2008–09. Using the time series econometric techniques of cointegration and error correction estimates, the study concludes that the growth in real gross domestic product Granger causes gross resource mobilization by mutual funds in the long run, but not in the short run. This finding supports the demand-following hypothesis and thus, the policy implication is that the real economic growth of India may be considered as the policy variable to augment the resource mobilization by mutual funds.

scholarly journals COVID-19 OUTBREAK AND ROLE OF TOURISM DEVELOPMENT ON ECONOMIC GROWTH IN PAKISTAN

2021 ◽  
Vol 19 ◽  
Author(s):  
Normah Abdul Latip ◽  
Rehmat Karim ◽  
Azizan Marzuki ◽  
Faqeer Muhammad ◽  
Attaullah Shah ◽  
...  
Keyword(s):  
Economic Growth ◽  
Regression Analysis ◽  
Unit Root ◽  
Unit Root Test ◽  
Tourism Development ◽  
Significant Decline ◽  
Least Square ◽  
The Government ◽  
Static Nature

The current research aimed to find out the effect of tourism development on economic growth in Pakistan for the period (1995 to 2017) by using Canonical Regression Analysis (CCR) and Dynamic Least Square (DOLS) method. In addition, a unit root test is used to find out the static nature of the variables, and for the robust check, the authors utilize the Fully Modified Least Square (FMOLS) method. The results of the CCR and DOLS shows the key role of tourism development on growth, and FMOLS confirms these findings. In addition, the contribution of financial development is insignificant and positive. However, inflation harms economic growth, which depicts that the government of Pakistan will face severe challenges to achieve the targeted level of growth in future. In addition, an outbreak of Coronavirus Disease (Covid-19) is another challenge that will cause a significant decline in tourism receipts.

scholarly journals Pengaruh Zakat, Infak, dan Sedekah terhadap Pertumbuhan Ekonomi Indonesia

2020 ◽  
Vol 6 (1) ◽  
pp. 101
Author(s):  
Dewi Purwanti
Keyword(s):  
Economic Growth ◽  
Regression Analysis ◽  
Basic Needs ◽  
Poor People ◽  
Panel Regression ◽  
Distribution Of Wealth ◽  
The Poor ◽  
The Rich ◽  
Positive Effect

Zakat is obligatory for all Muslims while infaq and alms are sunah. Zakat, infaq, and alms (ZIS) make distribution of wealth from the rich to the poor people. If the poor people are able to fulfill their basic needs, they can work well and contribute positively to the economy in various sectors. Zakat, infaq, and alms are expected to be one of the alternative policies to increase economic growth. However, to find out whether zakat, infaq, and alms have succeeded in positively contribute to economic growth, research is needed to prove the existence of the influence of zakat, infaq and alms in Indonesia. The purpose of this study is to determine the effect of zakat, infaq, and alms on the economy. This study uses a panel regression analysis with driscoll and kraay standars errors. The results of this study showed that zakat, infaq, and alms have positive effect on Indonesia's economic growth.

scholarly journals ANALISIS PENGARUH DANA ALOKASI UMUM (DAU) DAN PENDAPATAN ASLI DAERAH (PAD), TERHADAP PERTUMBUHAN EKONOMI DI KABUPATEN DELI SERDANG DENGAN BELANJA DAERAH SEBAGAI VARIABEL INTERVENING

2019 ◽  
Vol 5 (2) ◽  
pp. 247-260
Author(s):  
Rahmat Daim Harahap ◽  
Muhammad Ikhsan Harahap ◽  
Meilya Evita Syari
Keyword(s):  
Economic Growth ◽  
Regression Analysis ◽  
Linear Regression ◽  
Quantitative Research ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Regional Income ◽  
The Government ◽  
And Control

The government hold significant role in the implementation of fiscal economy policy to achieve the main goal of development: high economic growth, decrease of unemployment, and control of inflation, income and expenditure that can be used in increasing economic growth. Regional incomes are locally-generated revenue, General Allocation Fund. Meanwhile, cost is regional expenditures. Thus, this study is aimed to determine the influence of the General Allocation Fund and Regional income on economic growth with the role of Regional Expenditure as an intervening variable. The study was located on Deli Serdang Regency. This is a quantitative research with multiple linear regression analysis by using SPSS. The result shows that General Allocation Fund and Regional income influence the economic growth, meanwhile regional expenditures mediates between General Allocation Fund and Regional income on economic growth.

scholarly journals The Impact of ICT and FDI as Drivers to Economic Growth In ASEAN-8 Countries: A Panel Regression Analysis

2021 ◽  
Vol 9 ◽  
pp. 91-98
Author(s):  
Noraina Mazuin Sapuan ◽  
Mohammad Rahmdzey Roly
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Regression Analysis ◽  
Panel Regression ◽  
Information And Communication ◽  
Asean Countries ◽  
Using Data ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect

Over the last few years, information and communication technology (ICT) has become a key catalyst for economic growth. The durability of this technology is demonstrated by the rapid proliferation of the Internet, mobile phones and cellular networks across the globe. However, among economic scholars, the question of exactly how the spread of ICT affects economic development and FDI, especially in ASEAN countries with differences in levels of income, remains unanswered. The aim of this study was essentially to explore the relationship between ICT dissemination, FDI and economic growth in ASEAN-8 countries. By using data from 2003 to 2017, the panel regression analysis was used to evaluate these relationships. The results showed that the dissemination of ICT and FDI are important and they have a positive effect on the ASEAN-8 countries’ economic development.

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