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Benevolent savings and macroeconomic variables: some empirical evidence from Iran

Abolghasem Tohidinia, Ali Reza Oryoie and Amin Mohseni-Cheraghlou

Macroeconomics and Finance in Emerging Market Economies, 2021, vol. 14, issue 3, 278-290

Abstract: Many studies have investigated the impact of savings on macroeconomic variables. However, there is no study on the effect of benevolent saving on macroeconomic variables. In benevolent saving/lending, households save part of their income for lending benevolently at zero interest rates to the needy population. This study applies the Toda-Yamamoto causality test on a novel quarterly time-series data provided by the Central Bank of Iran from 1988 to 2015 to test the relationship between benevolent savings and a few macroeconomic variables. The results show that benevolent savings have short-run positive effects on total consumption and total investment.

Date: 2021
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DOI: 10.1080/17520843.2020.1854810

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