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LONG-RUN RELATIONSHIP BETWEEN SAVINGS AND MACROECONOMIC INDICATORS: THE CASE OF OECD COUNTRIES

Year 2018, Prof. Dr. Harun TERZI Special Issue, 207 - 226, 19.09.2018
https://doi.org/10.18092/ulikidince.444201

Abstract

Succeeding the
specified economic targets of national economies, productive investments and
their financing are critical. In this sense, savings can be considered as
catalyst for investments. Taking this mission into account, the determinants of
savings raise a great concern. In this framework, the main objective of this study
is to estimate the effects of macroeconomic variables on saving types for the
21 OECD countries during the 2006-2015 period by using Dynamic Ordinary Least
Squares Mean Group (DOLSMG) panel cointegration method. Per capita income,
short-term real interest rates and the inflation decrease private savings but
the liquidity increases private savings. Inflation increases public savings; on
the other hand, growth rate, per capita income, short term real interest rates
and liquidity decrease public savings. The growth rate and liquidity increase
national savings while per capita income, short-term real interest rates, and
inflation decrease national savings. The findings in the study indicate that
negative relationship between the growth rate and the public savings supports the
Permanent Income Hypothesis while positive relationship between the growth rate
and national savings supports the Life-Cycle Income Hypothesis. However, our
analysis displays that the real interest rates influence savings negatively and
this implies that the income effect exceeds the substitution effect.

References

  • Abasimi, Ignatus ve Martin, Agbassou Y.A. (2018). Determinants of Saving in Four West African Countries, International Journal of Economics and Finance, 10(5), 67-74.
  • Abdioğlu, Zehra ve Berber, Metin (2007). Türkiye’de Yurtiçi Tasarruf ve Belirleyicileri, The Second Business and Economy International Workshop, June 28-29, Giresun, Bildiriler, Özetler ve Pratik Bilgiler Kitabı, 228-242.
  • Athukorala, P. ve Sen, K. (2004). The Determinants of Private Saving İn India. World Development, 32(3), 491-503.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data, Third Edition, John Wiley&Sons, Ltd., England.
  • Barış, Serap ve Uzay, Nısfet (2015). Yurtiçi Tasarruflar Ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Örneği, Erciyes Üniversitesi İİBF Dergisi, 46, Temmuz-Aralık 2015, 119-151.
  • Belke, Ansgar, Dreger, Christian ve Ochmann, Richard (2012). Do Wealtier Households Save More? The Impact of The Demographic Factor, IZA Discussion Paper No. 6567, 1-20.
  • Bhandari, Rabindra, Dhakal,Dharmendra, Pradhan, Gyan ve Upadhyaya, Kamal (2007). Determinants of Private Saving in South Asia, South Asia Economic Journal, 8(2), 205-217.
  • Bloom, David E., Canning, David, Mansfield, Richard K. ve Moore, Michael (2007). Demographic Change, Social Security Systems and Savings, J Monet Econ., 54(1), 92–114.
  • Brady, D. S. ve R. D. Friedman (1947), Savings and the Income Distribution, NBER Studies in Income and Wealth, No. 9, New York.
  • Breusch, T. and Pagan, A. (1980). The Lagrange Multiplier Test and Its Aplications to Model Specification in Econometrics, Review of Economic Studies, 47, 239-253.
  • Callen, Tim ve Thimann, Christian (1997). Empirical Determinants of Household Saving: Evidence from OECD Countries, IMF Working Paper, WP/97/181, 1-26.
  • Chikoko, Laurine (2015). Antidote To Promote A Savings Culture: Zimbabwe Post Dollarisation, International Journal of Economics, Commerce and Management, III(12), 609-617.
  • Curtis, Chadwick C., Lugauer, Steven ve Mark, Nelson C. (2017). Demographics And Aggregate Household Saving in Japan, China, and India, Journal of Macroeconomics, Elsevier, 51(C), 175-191.
  • Brenner, R., Dagenais, M.G. ve Montmarquette, C. (1994). An Overlooked Explanation Of The Declining Saving Rate, Empirical Economics, 19(4), 629-637.
  • Castro, Francisco de ve Fernández, José Luis (2009). The Relatıonshıp Between Publıc and Prıvate Savıng In Spaın: Does Rıcardıan Equıvalence Hold?, Documentos de Trabajo N. 0923, Banco De España, Working Paper, 1-40.
  • Dayal-Gulati, Anuradha ve Christian, Thimann (1997). Saving in Southeast Asia and Latin America Compared: Searching for Policy Lessons, IMF Working Paper 97/110 (Washington: International Monetary Fund).
  • De Serres, Alain ve Pelgrin, Florian (2003). The Decline in Private Saving Rates in the 1990s in OECD Countries: How Much Can Be Explained by Non-Wealth Determinants?, OECD Economic Studies, 36(4), 117-153.
  • Doker, A. Cansin, Türkmen, Adem ve Emsen, O. Selcuk (2016). What Are The Demographic Determinants of Savings? An Analysis on Transition Economies (1993-2013), Procedia Economics and Finance, 39, 275-283.
  • Duesenberry, J. (1949). Income, Saving and the Theory of Consumer Behavior, Harvard University Press, Cambridge.
  • Duran, Engin, Duran, Burcu, Uzgur, Akay, Diyar ve Boran, Fatih Emre (2017). Grey Relational Analysis Between Turkey’s Macroeconomic Indicators and Domestic Savings , Grey Systems: Theory and Application, 7(1), 45-59, https://doi.org/10.1108/GS-10-2016-0039.
  • Dünya Bankası, Erişim Adresi https://data.worldbank.org/, (Erişim tarihi: 15.12.2017)
  • Edwards, S. (1995). Why are Saving Rates so Different Across Countries? An International Comparative Analysis, National Bureau of Economic Research, Cambridge.
  • Edwards, S. (1996). Why are Latin America’s Savings Rates So Low? An İnternational Comparative Analysis, Journal of Development Economics, 51(1), 5-44.
  • Ferreira, Mariana Miguel Dos Reis (2015). The Impact Of Ageıng On Savıngs: A Panel Data Study Among The OECD Countries, Yayınlanmamış Yüksek Lisans Tezi, Instituto Universitario de Lisboa.
  • Friedman, M. (1937). The Use of Ranks to Avoid the Assumption of Normality Implicity in the Analysis of Variance, Journal of the American Statistical Association, 32, 675-701.
  • Friedman, M. (1957). A Theory of the Consumption Function, Princeton University Press, Princeton.
  • Grigoli, Francesco, Herman, Alexander ve Schmidt-Hebbel, Klaus (2014). World Saving, IMF Working Paper, WP/14/204.
  • Haque, Nadeem Ul, M. Pesaran, Hashem ve Sharma, Sunil (1999). Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions, IMF Working Paper 99/128 (Washington: International Monetary Fund).
  • Haris R. D. F. ve Tzavalis E. (1999). Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed, Journal of Economics, 91, 201-226. Holmes, Mark J. (2006). To What Extent Are Public Savings Offset by Private Savings In The OECD? , Journal of Economics and finance, 30(3), 285-295.
  • Hondroyiannis, G. (2006), Private Saving Determinants in European countries: A Panel Cointegration Approach, The Social Science Journal, 43(4), 553-569, doi: 10.1016/j.soscij.2006.08.004.
  • Horioka, Charles Yuji ve Wan,Junmin (2007). The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data, Journal of Money, Credit and Banking, Blackwell Publishing, 39(8), 2077-2096.
  • Horioka, Charles Y. ve Terada-Hagiwara Akiko (2012). The Determinants and Long-Term Projections of Saving Rate in Developing Asia, Japan and the World Economy, 24, 128-137.
  • Im, K. S., M. H. Pesaran ve Y. Shin. (2003). Testing for unit roots in heterogeneous panels , Journal of Econometrics, 115, 53–74.
  • Jappelli, Tullio ve Pagano, Marco (1994). Saving, Growth, and Liquidity Constraints, The quarterly journal of economics, 109(1), 83-109, Erişim Adresi http://www.jstor.org/stable/2118429.
  • Kaya, Vedat ve Gürkan Efe (2015). Yurtiçi Tasarruflar ve Ekonomik Büyüme: Dünyanın En Büyük İlk Yirmi Ekono¬misi Üzerine Teorik Bir Değerlendirme ve Panel Veri Analizi, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 29(2), 251-278.
  • Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money, Macmillan, London.
  • Khumalo, MJ (2014). Households Savıngs And Inflatıon Expectatıons: Coıntegrated Evıdence From South Africa, Corporate Ownership & Control, 12(1), 572-580.
  • Kuznets, S. (1946). National Product Since 1869, National Bureau of Economic Research, New York.
  • Loayza, N., Schmidt-Hebbel, K. ve Servén, L. (2000), What Drives Private Savings Across The World, Review of Economics and Statistics, 82(2), 165-181.
  • Lusardi, Annamaria (2009). Household Savings Behavior: The Role of Financial Literacy, Information and Financial Education Programs, Policymaking Insights from Behavioral Economics içinde C. Foote, L Goette, and S. Meier (Editör), Federal Reserve Bank of Boston, 109-149.
  • Masson, P.R., Bayoumi, T. and Samiei, H. (1998), International Evidence on The Determinants of Private Saving , The World Bank Economic Review, 12(3), 483-501.
  • Modigliani, Franco ve Richard Brumberg (1954), Utility Analysis and the Consumption Function, in The Collected Papers of Fran-co Modigliani, 3-46, www.novasbe.unl.pt, Da-te of Access: 24.10.2011.
  • Modigliani, Franco (1986). Life Cycle, Individual Thrift, and the Wealth of Nations , American Economic Review, 76(3), 297-313.
  • Muradoglu, G. ve Taskin, F. (1996). Differences in Household Savings Behavior: Evidence from Industrial and Developing Countries, The Developing Economies, XXXIV-2, 138 – 153.
  • Nıculescu-Aron, Ileana ve Mıhaescu, Constanta (2012). Determinants of Household Savings in EU:What Poli¬cies for Increasing Savings? , Procedia - Social and Behavioral Sciences, 58, 483-492.
  • Niculescu-Aron, Ileana ve Mihaescu, Constanta (2014). Modelling the impact of economic, demographic and social determinants on household saving rate in the former socialist countries (Central and Eastern Europe) , Procedia Economics and Finance, 10, 104 – 113.
  • OECD, Erişim Adresi http://stats.oecd.org/Index.aspx?DataSetCode=QASA_7HH, (Erişim tarihi, 15.12.2017)
  • OECD, Erişim Adresi http://www.oecd.org/about/whatwedoandhow/, (Erişim tarihi, 15.12.2017)
  • Özcan, K. M., Gunay, A. ve Ertac, S. (2003). Determinants of private savings behaviour in Turkey, Applied Economics, 35(12), 1405-1416.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Croos Section Dependence in Panels, Universty of Cambridge, Fakulty of Economics, Cambridge WP 0435 in Economics.
  • Pesaran, M. H. (2007). A Sample Panal Unit Root Test in the Presence of Cross Section Dependence, Journal of Applied Econometrics, 22(2), 265-312.
  • Ramajo, Julian, Agustin, Garcıa and Montserrat, Ferre. (2006). Explaining Aggregate Private Saving Behaviour: New Evidence from a Panel of OECD Countries, Applied Financial Economics Letters, 2(5), 311–315.
  • Rijckeghem, Carolina Van ve Üçer, Murat (2009). The Evolution And Determinants Of The Turkish Private Saving Rate: What Lessons For Policy? , ERF Research Report Series No. 09-01.
  • Schultz, T. Paul (2005). Demographic Determinants of Savings: Estimating and Interpreting the Aggregate Association in Asia, IZA Discussion Papers 1479, Institute for the Study of Labor (IZA).
  • Sheng, Zhijun ve Mu, Xiaowei (2012). Research on The Changes in Japan’s Savings Rate, Business and Management Research, 1(3), 121-124.
  • Tekin, İpek (2017). Doğu Asya ve Türkiye’de Yurtiçi Tasarrufların Belirleyicileri: Karşılaştırmalı Bir Değerlendirme, Uluslararası Yönetim İktisat ve İşletme Dergisi, 13(2), 365-384.
  • Tunay, K. Batu (2017). Gelişmiş ve Gelişmekte Olan Ülkelerde Hane Halkı Tasarruflarının Makro Ekonomik Belirleyicileri, Finans Politik ve Ekonomik Yorumlar, 54(633), 61-78.
  • West, Kristin L. (2004). Determinants of Aggregate Saving: Evidence from Australia, Erişim Adresi http://www.nzae.org.nz/conferences/2005/12-West.PDF.
  • Yaraşır, Sevinç ve Yılmaz, B. Elif (2011). OECD Ülkeler¬inde Özel Tasarruflar: Bir Bakış (1999-2007), Maliye Dergisi, 160(1), 139-153.
  • Yerdelen Tatoğlu, F. (2012). İleri Panel Veri Analizi Stata Uygulamalı, Beta Yayıncılık, İstanbul.
  • Zhuk, M. (2015). Macroeconomic Determinants of Household Savings in Ukraine, Economics and Sociology, 8(3), 41-54. doi: 10.14254/2071-789X.2015/8-3/3.

TASARRUFLAR VE MAKROEKONOMİK DEĞİŞKENLER ARASINDAKİ UZUN DÖNEMLİ İLİŞKİ: OECD ÜLKELERİ ÖRNEĞİ

Year 2018, Prof. Dr. Harun TERZI Special Issue, 207 - 226, 19.09.2018
https://doi.org/10.18092/ulikidince.444201

Abstract

Ülke ekonomilerinin belirlenen iktisadi hedeflere erişmesinde, üretken
yatırımlar ve bu yatırımların finansmanı kritiktir. Bu yönüyle tasarruflar
yatırımların lokomotifi olarak değerlendirilebilir. Tasarrufların bu misyonu
göz önünde bulundurulduğunda, belirleyicilerinin neler olduğu dikkat çekicidir.
Bu çerçevede, çalışmanın amacı 2006-2015 döneminde 21 OECD ülkesi için tasarruf
türlerine göre makroekonomik değişkenlerin etkilerinin Ortalama Grup Dinamik En
Küçük Kareler (DOLSMG) panel eş bütünleşme yöntemiyle tahmin edilmesidir. Tahmin
sonuçlarına göre; özel tasarrufları kişi başına gelirin, kısa dönem reel faiz
oranının ve enflasyonun azalttığı; likiditenin ise artırdığı görülmüştür. Kamu
tasarruflarını enflasyonun artırdığı; büyüme oranı, kişi başına gelir, kısa
dönem reel faiz oranı ve likiditenin ise azalttığı gözlenmiştir. Ulusal
tasarrufları büyüme oranı ve likidite artırırken; kişi başına gelir, kısa dönem
reel faiz oranı ve enflasyonun azalttığı tespit edilmiştir. Çalışmada büyüme
oranı ve kamu tasarrufları arasındaki negatif ilişki Sürekli Gelir Hipotezi’ne
işaret ederken; büyüme oranı ve ulusal tasarruflar arasındaki pozitif ilişki
Yaşam Boyu Gelir Hipotezi’ni desteklemektedir. Reel faiz oranlarının
tasarruflar üzerindeki negatif etkisi ise gelir etkisinin ikame etkisini
aştığını göstermektedir.

References

  • Abasimi, Ignatus ve Martin, Agbassou Y.A. (2018). Determinants of Saving in Four West African Countries, International Journal of Economics and Finance, 10(5), 67-74.
  • Abdioğlu, Zehra ve Berber, Metin (2007). Türkiye’de Yurtiçi Tasarruf ve Belirleyicileri, The Second Business and Economy International Workshop, June 28-29, Giresun, Bildiriler, Özetler ve Pratik Bilgiler Kitabı, 228-242.
  • Athukorala, P. ve Sen, K. (2004). The Determinants of Private Saving İn India. World Development, 32(3), 491-503.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data, Third Edition, John Wiley&Sons, Ltd., England.
  • Barış, Serap ve Uzay, Nısfet (2015). Yurtiçi Tasarruflar Ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Örneği, Erciyes Üniversitesi İİBF Dergisi, 46, Temmuz-Aralık 2015, 119-151.
  • Belke, Ansgar, Dreger, Christian ve Ochmann, Richard (2012). Do Wealtier Households Save More? The Impact of The Demographic Factor, IZA Discussion Paper No. 6567, 1-20.
  • Bhandari, Rabindra, Dhakal,Dharmendra, Pradhan, Gyan ve Upadhyaya, Kamal (2007). Determinants of Private Saving in South Asia, South Asia Economic Journal, 8(2), 205-217.
  • Bloom, David E., Canning, David, Mansfield, Richard K. ve Moore, Michael (2007). Demographic Change, Social Security Systems and Savings, J Monet Econ., 54(1), 92–114.
  • Brady, D. S. ve R. D. Friedman (1947), Savings and the Income Distribution, NBER Studies in Income and Wealth, No. 9, New York.
  • Breusch, T. and Pagan, A. (1980). The Lagrange Multiplier Test and Its Aplications to Model Specification in Econometrics, Review of Economic Studies, 47, 239-253.
  • Callen, Tim ve Thimann, Christian (1997). Empirical Determinants of Household Saving: Evidence from OECD Countries, IMF Working Paper, WP/97/181, 1-26.
  • Chikoko, Laurine (2015). Antidote To Promote A Savings Culture: Zimbabwe Post Dollarisation, International Journal of Economics, Commerce and Management, III(12), 609-617.
  • Curtis, Chadwick C., Lugauer, Steven ve Mark, Nelson C. (2017). Demographics And Aggregate Household Saving in Japan, China, and India, Journal of Macroeconomics, Elsevier, 51(C), 175-191.
  • Brenner, R., Dagenais, M.G. ve Montmarquette, C. (1994). An Overlooked Explanation Of The Declining Saving Rate, Empirical Economics, 19(4), 629-637.
  • Castro, Francisco de ve Fernández, José Luis (2009). The Relatıonshıp Between Publıc and Prıvate Savıng In Spaın: Does Rıcardıan Equıvalence Hold?, Documentos de Trabajo N. 0923, Banco De España, Working Paper, 1-40.
  • Dayal-Gulati, Anuradha ve Christian, Thimann (1997). Saving in Southeast Asia and Latin America Compared: Searching for Policy Lessons, IMF Working Paper 97/110 (Washington: International Monetary Fund).
  • De Serres, Alain ve Pelgrin, Florian (2003). The Decline in Private Saving Rates in the 1990s in OECD Countries: How Much Can Be Explained by Non-Wealth Determinants?, OECD Economic Studies, 36(4), 117-153.
  • Doker, A. Cansin, Türkmen, Adem ve Emsen, O. Selcuk (2016). What Are The Demographic Determinants of Savings? An Analysis on Transition Economies (1993-2013), Procedia Economics and Finance, 39, 275-283.
  • Duesenberry, J. (1949). Income, Saving and the Theory of Consumer Behavior, Harvard University Press, Cambridge.
  • Duran, Engin, Duran, Burcu, Uzgur, Akay, Diyar ve Boran, Fatih Emre (2017). Grey Relational Analysis Between Turkey’s Macroeconomic Indicators and Domestic Savings , Grey Systems: Theory and Application, 7(1), 45-59, https://doi.org/10.1108/GS-10-2016-0039.
  • Dünya Bankası, Erişim Adresi https://data.worldbank.org/, (Erişim tarihi: 15.12.2017)
  • Edwards, S. (1995). Why are Saving Rates so Different Across Countries? An International Comparative Analysis, National Bureau of Economic Research, Cambridge.
  • Edwards, S. (1996). Why are Latin America’s Savings Rates So Low? An İnternational Comparative Analysis, Journal of Development Economics, 51(1), 5-44.
  • Ferreira, Mariana Miguel Dos Reis (2015). The Impact Of Ageıng On Savıngs: A Panel Data Study Among The OECD Countries, Yayınlanmamış Yüksek Lisans Tezi, Instituto Universitario de Lisboa.
  • Friedman, M. (1937). The Use of Ranks to Avoid the Assumption of Normality Implicity in the Analysis of Variance, Journal of the American Statistical Association, 32, 675-701.
  • Friedman, M. (1957). A Theory of the Consumption Function, Princeton University Press, Princeton.
  • Grigoli, Francesco, Herman, Alexander ve Schmidt-Hebbel, Klaus (2014). World Saving, IMF Working Paper, WP/14/204.
  • Haque, Nadeem Ul, M. Pesaran, Hashem ve Sharma, Sunil (1999). Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions, IMF Working Paper 99/128 (Washington: International Monetary Fund).
  • Haris R. D. F. ve Tzavalis E. (1999). Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed, Journal of Economics, 91, 201-226. Holmes, Mark J. (2006). To What Extent Are Public Savings Offset by Private Savings In The OECD? , Journal of Economics and finance, 30(3), 285-295.
  • Hondroyiannis, G. (2006), Private Saving Determinants in European countries: A Panel Cointegration Approach, The Social Science Journal, 43(4), 553-569, doi: 10.1016/j.soscij.2006.08.004.
  • Horioka, Charles Yuji ve Wan,Junmin (2007). The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data, Journal of Money, Credit and Banking, Blackwell Publishing, 39(8), 2077-2096.
  • Horioka, Charles Y. ve Terada-Hagiwara Akiko (2012). The Determinants and Long-Term Projections of Saving Rate in Developing Asia, Japan and the World Economy, 24, 128-137.
  • Im, K. S., M. H. Pesaran ve Y. Shin. (2003). Testing for unit roots in heterogeneous panels , Journal of Econometrics, 115, 53–74.
  • Jappelli, Tullio ve Pagano, Marco (1994). Saving, Growth, and Liquidity Constraints, The quarterly journal of economics, 109(1), 83-109, Erişim Adresi http://www.jstor.org/stable/2118429.
  • Kaya, Vedat ve Gürkan Efe (2015). Yurtiçi Tasarruflar ve Ekonomik Büyüme: Dünyanın En Büyük İlk Yirmi Ekono¬misi Üzerine Teorik Bir Değerlendirme ve Panel Veri Analizi, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 29(2), 251-278.
  • Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money, Macmillan, London.
  • Khumalo, MJ (2014). Households Savıngs And Inflatıon Expectatıons: Coıntegrated Evıdence From South Africa, Corporate Ownership & Control, 12(1), 572-580.
  • Kuznets, S. (1946). National Product Since 1869, National Bureau of Economic Research, New York.
  • Loayza, N., Schmidt-Hebbel, K. ve Servén, L. (2000), What Drives Private Savings Across The World, Review of Economics and Statistics, 82(2), 165-181.
  • Lusardi, Annamaria (2009). Household Savings Behavior: The Role of Financial Literacy, Information and Financial Education Programs, Policymaking Insights from Behavioral Economics içinde C. Foote, L Goette, and S. Meier (Editör), Federal Reserve Bank of Boston, 109-149.
  • Masson, P.R., Bayoumi, T. and Samiei, H. (1998), International Evidence on The Determinants of Private Saving , The World Bank Economic Review, 12(3), 483-501.
  • Modigliani, Franco ve Richard Brumberg (1954), Utility Analysis and the Consumption Function, in The Collected Papers of Fran-co Modigliani, 3-46, www.novasbe.unl.pt, Da-te of Access: 24.10.2011.
  • Modigliani, Franco (1986). Life Cycle, Individual Thrift, and the Wealth of Nations , American Economic Review, 76(3), 297-313.
  • Muradoglu, G. ve Taskin, F. (1996). Differences in Household Savings Behavior: Evidence from Industrial and Developing Countries, The Developing Economies, XXXIV-2, 138 – 153.
  • Nıculescu-Aron, Ileana ve Mıhaescu, Constanta (2012). Determinants of Household Savings in EU:What Poli¬cies for Increasing Savings? , Procedia - Social and Behavioral Sciences, 58, 483-492.
  • Niculescu-Aron, Ileana ve Mihaescu, Constanta (2014). Modelling the impact of economic, demographic and social determinants on household saving rate in the former socialist countries (Central and Eastern Europe) , Procedia Economics and Finance, 10, 104 – 113.
  • OECD, Erişim Adresi http://stats.oecd.org/Index.aspx?DataSetCode=QASA_7HH, (Erişim tarihi, 15.12.2017)
  • OECD, Erişim Adresi http://www.oecd.org/about/whatwedoandhow/, (Erişim tarihi, 15.12.2017)
  • Özcan, K. M., Gunay, A. ve Ertac, S. (2003). Determinants of private savings behaviour in Turkey, Applied Economics, 35(12), 1405-1416.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Croos Section Dependence in Panels, Universty of Cambridge, Fakulty of Economics, Cambridge WP 0435 in Economics.
  • Pesaran, M. H. (2007). A Sample Panal Unit Root Test in the Presence of Cross Section Dependence, Journal of Applied Econometrics, 22(2), 265-312.
  • Ramajo, Julian, Agustin, Garcıa and Montserrat, Ferre. (2006). Explaining Aggregate Private Saving Behaviour: New Evidence from a Panel of OECD Countries, Applied Financial Economics Letters, 2(5), 311–315.
  • Rijckeghem, Carolina Van ve Üçer, Murat (2009). The Evolution And Determinants Of The Turkish Private Saving Rate: What Lessons For Policy? , ERF Research Report Series No. 09-01.
  • Schultz, T. Paul (2005). Demographic Determinants of Savings: Estimating and Interpreting the Aggregate Association in Asia, IZA Discussion Papers 1479, Institute for the Study of Labor (IZA).
  • Sheng, Zhijun ve Mu, Xiaowei (2012). Research on The Changes in Japan’s Savings Rate, Business and Management Research, 1(3), 121-124.
  • Tekin, İpek (2017). Doğu Asya ve Türkiye’de Yurtiçi Tasarrufların Belirleyicileri: Karşılaştırmalı Bir Değerlendirme, Uluslararası Yönetim İktisat ve İşletme Dergisi, 13(2), 365-384.
  • Tunay, K. Batu (2017). Gelişmiş ve Gelişmekte Olan Ülkelerde Hane Halkı Tasarruflarının Makro Ekonomik Belirleyicileri, Finans Politik ve Ekonomik Yorumlar, 54(633), 61-78.
  • West, Kristin L. (2004). Determinants of Aggregate Saving: Evidence from Australia, Erişim Adresi http://www.nzae.org.nz/conferences/2005/12-West.PDF.
  • Yaraşır, Sevinç ve Yılmaz, B. Elif (2011). OECD Ülkeler¬inde Özel Tasarruflar: Bir Bakış (1999-2007), Maliye Dergisi, 160(1), 139-153.
  • Yerdelen Tatoğlu, F. (2012). İleri Panel Veri Analizi Stata Uygulamalı, Beta Yayıncılık, İstanbul.
  • Zhuk, M. (2015). Macroeconomic Determinants of Household Savings in Ukraine, Economics and Sociology, 8(3), 41-54. doi: 10.14254/2071-789X.2015/8-3/3.
There are 61 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Esra Bulut 0000-0002-3273-3781

Aykut Karakaya 0000-0001-6491-132X

Publication Date September 19, 2018
Published in Issue Year 2018 Prof. Dr. Harun TERZI Special Issue

Cite

APA Bulut, E., & Karakaya, A. (2018). TASARRUFLAR VE MAKROEKONOMİK DEĞİŞKENLER ARASINDAKİ UZUN DÖNEMLİ İLİŞKİ: OECD ÜLKELERİ ÖRNEĞİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi207-226. https://doi.org/10.18092/ulikidince.444201

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