5/2015 Merike Kukk and Karsten Staehr. Macroeconomic factors in corporate and household saving. Evidence from Central and Eastern Europe

Working Papers 5/2015

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.

JEL Codes: E21, E32, E44

DOI: 10.23656/25045520/52015/0013

Keywords: sectoral saving rates, Central and Eastern Europe, macroeconomic variables

Corresponding authors e-mail address: karsten.staehr [at] ttu.ee


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The views expressed are those of the authors and do not necessarily represent the official views of Eesti Pank or the Eurosystem.