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Macroeconomic factors in corporate and household saving. Evidence from Central and Eastern Europe

Merike Kukk and Karsten Staehr ()

No wp2015-5, Bank of Estonia Working Papers from Bank of Estonia

Abstract: This paper uses panel data estimations on annual data from 10 Central and Eastern European countries to assess the effect of different macroeconomic variables on the dynamics of corporate and household saving. The analyses reveal that changes in the macroeconomic environment are important for the saving rates in both sectors, but with marked differences across the sectors. The differences are most pronounced for the output gap, the real interest rate, the inflation rate and the current account balance. Some variables such as the unemployment rate and changes in the real exchange rate are unimportant in both sectors. The differences across the sectors underscore the importance of analysing corporate and household saving separately

Keywords: sectoral saving rates; Central and Eastern Europe; macroeconomic variables (search for similar items in EconPapers)
JEL-codes: E21 E32 E44 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc, nep-eec, nep-mac and nep-tra
Date: 2015-12-30, Revised 2015-12-30
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