Solow in Transition : Macro and Micro Determinants of Savings in Armenia

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dc.creatorDiaby, Mohamed
dc.creatorCoulibaly, Souleymane
dc.date2013-09-26T20:14:15Z
dc.date2013-09-26T20:14:15Z
dc.date2013-07
dc.date.accessioned2026-07-01T00:50:29Z
dc.descriptionThis paper analyzes and reconciles macro and micro evidence on savings and factors that affect savings, as well as possible policy implications. At the aggregate level, the main question is how savings are affected by growth and macroeconomic policies and variables (fiscal policy, exchange rate, for example) and the breadth of financial markets. Some of these macro determinants can be reconciled with microeconomic evidence of the savings behavior of households. Using macroeconomic quarterly data and household survey data, the analysis explores the determinants of the savings rate at the macroeconomic and microeconomic levels, using the typical econometric models used in the literature (long-term co-integration relation and short-term error correction model for the macro determinants; linear multivariate models for the micro determinants). The long-term relationship indicates that a 10-percent increase in gross domestic product per capita would add 3.7 percentage points to the savings rate in the long run. The short-term relationship depicts a strong catch-up process to the long-run equilibrium, with quarterly changes in gross domestic product per capita and openness strongly correlated with quarterly changes in the savings rate. The characteristics of households that represent the volatility of expected income, such as education and access to borrowing or remittances, significantly impact saving rates. The macroeconomic and microeconomic analyses of the determinants of saving rates in Armenia point to three policy areas: the macroeconomic environment, the financial sector, and the role of remittances.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2013/07/18006629/solow-transition-macro-micro-determinants-savings-armenia
dc.identifierhttps://hdl.handle.net/10986/15889
dc.identifierhttps://doi.org/10.1596/1813-9450-6531
dc.identifier.urihttp://hdl.handle.net/123456789/411797
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 6531
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectADVERSE EFFECTS
dc.subjectAGGREGATE DEMAND
dc.subjectAGRICULTURE
dc.subjectBANKING SECTOR
dc.subjectBASE YEAR
dc.subjectBORROWING
dc.subjectBORROWINGS
dc.subjectBUDGET DEFICITS
dc.subjectBUSINESS INVESTMENT
dc.subjectCAPITAL MARKET
dc.subjectCASH FLOW
dc.subjectCENTRAL BANK
dc.subjectCOMPARATIVE ANALYSIS
dc.subjectCOMPARATIVE ECONOMICS
dc.subjectCONSUMER DURABLES
dc.subjectCONSUMERS
dc.subjectCREDIT CONSTRAINT
dc.subjectCREDIT INSTITUTIONS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectDEBT
dc.subjectDEBT RATIO
dc.subjectDEBT SERVICING
dc.subjectDEBTS
dc.subjectDEMAND FOR FUNDS
dc.subjectDEPOSIT
dc.subjectDEPOSIT RATE
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDISPOSABLE INCOME
dc.subjectDIVERSIFICATION
dc.subjectDIVERSIFIED INCOME
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectDURABLE
dc.subjectDURABLE ASSETS
dc.subjectDURABLE GOODS
dc.subjectECONOMETRIC MODELS
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC THEORY
dc.subjectEDUCATION LEVEL
dc.subjectEDUCATION LEVELS
dc.subjectEDUCATIONAL LEVELS
dc.subjectEMERGING MARKETS
dc.subjectEMPLOYEE
dc.subjectEMPLOYMENT STATUS
dc.subjectEXCHANGE MARKET
dc.subjectEXCHANGE RATE
dc.subjectEXPANSIONARY MONETARY POLICY
dc.subjectEXPATRIATE
dc.subjectEXPLOITATION
dc.subjectEXPORTS
dc.subjectEXPOSURE
dc.subjectEXTERNAL FINANCING
dc.subjectEXTERNAL SHOCKS
dc.subjectFAMILIES
dc.subjectFAMILY INCOME
dc.subjectFINANCES
dc.subjectFINANCIAL ACCESS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL EXPOSURE
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL RETURNS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL POLICY
dc.subjectFORMAL SAVING
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGOVERNMENT FINANCES
dc.subjectGOVERNMENT SECURITIES
dc.subjectGOVERNMENT SECURITIES MARKET
dc.subjectGREATER ACCESS
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS DOMESTIC PRODUCT PER CAPITA
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHOLDINGS
dc.subjectHOME OWNERSHIP
dc.subjectHOUSEHOLD HEAD
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSEHOLD SAVING
dc.subjectHOUSEHOLD SAVINGS
dc.subjectHOUSEHOLD SIZE
dc.subjectHOUSEHOLD SURVEY
dc.subjectHOUSEHOLD SURVEYS
dc.subjectHOUSEHOLDS
dc.subjectINCOME EFFECT
dc.subjectINCOME LEVEL
dc.subjectINCOME LEVELS
dc.subjectINCOME STREAM
dc.subjectINCOME STREAMS
dc.subjectINCOME VARIABILITY
dc.subjectINCOMES
dc.subjectINFLATION
dc.subjectINFLATION EXPECTATIONS
dc.subjectINFLATION TARGETING
dc.subjectINFORMAL CREDIT
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT FINANCING
dc.subjectINVESTMENT PROJECTS
dc.subjectLEVEL OF ASSETS
dc.subjectLIFE CYCLE HYPOTHESIS
dc.subjectLIFE INSURANCE
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CONSTRAINTS
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACROECONOMIC ANALYSIS
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMICS
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET PRICE
dc.subjectMICRO-CREDIT
dc.subjectMICROECONOMIC ANALYSES
dc.subjectMIDDLE INCOME COUNTRIES
dc.subjectMONETARY POLICY
dc.subjectNATIONAL POVERTY
dc.subjectNET EXPORTS
dc.subjectOLD AGE
dc.subjectOPEN ECONOMY
dc.subjectOPEN MARKET
dc.subjectOPEN MARKET OPERATIONS
dc.subjectOPTIMIZATION
dc.subjectOUTPUT
dc.subjectPENSION
dc.subjectPENSION REFORM
dc.subjectPENSION SYSTEM
dc.subjectPENSIONS
dc.subjectPERMANENT INCOME
dc.subjectPERMANENT INCOME HYPOTHESES
dc.subjectPERMANENT INCOME HYPOTHESIS
dc.subjectPIH
dc.subjectPOLITICAL ECONOMY
dc.subjectPOOR
dc.subjectPOTENTIAL INVESTMENTS
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE SAVING
dc.subjectPRIVATE SAVINGS
dc.subjectPUBLIC DEFICIT
dc.subjectPUBLIC SAVING
dc.subjectPUBLIC SAVINGS
dc.subjectREAL ESTATE
dc.subjectREAL EXCHANGE RATE
dc.subjectREMITTANCES
dc.subjectRETURN
dc.subjectRURAL
dc.subjectRURAL AREA
dc.subjectRURAL AREAS
dc.subjectSAVINGS
dc.subjectSAVINGS RATE
dc.subjectSAVINGS RATES
dc.subjectSECURITIES MARKET
dc.subjectSTOCK EXCHANGE
dc.subjectSUBSTITUTION EFFECT
dc.subjectSUSTAINABLE GROWTH
dc.subjectTAXATION
dc.subjectTIME DEPOSIT
dc.subjectTRADE POLICY
dc.subjectTRADING
dc.subjectTRANSITION ECONOMIES
dc.subjectURBANIZATION
dc.subjectVOLATILITY
dc.subjectWEALTH
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titleSolow in Transition : Macro and Micro Determinants of Savings in Armenia

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