AN EMPIRICAL ANALYSIS OF DETERMINANTS OF SAVING IN TURKEY

Transcription

1 The Journal of Academic Social Science Sudies Inernaional Journal of Social Science Doi number:h://dx.doi.org/ /jasss3250 Number: 43, , Sring I 2016 Yayın Süreci Yayın Geliş Tarihi / Aricle Arrival Dae - Yayınlanma Tarihi / The Published Dae AN EMPIRICAL ANALYSIS OF DETERMINANTS OF SAVING IN TURKEY TÜRKİYE DE TASARRUFLARIN BELİRLEYİCİLERİNİN AMPİRİK ANALİZİ Ass. Prof. Dr. Dilek ŞAHİN Cumhuriye Universiy Tourism and Hoel Managemen School Hosialiy Managemen Dearmen Öz Tasarruflar bir ülkenin ekonomik büyüme ve kalkınmasında önemli rol oynamakadır. Ulusal asarruflar şirke, hanehalkı ve hüküme asarrufları olarak üç ana bileşenden oluşmakadır. Bu çalışma gayrisafi yur içi asarruf, mevdua faiz oranı, enflasyon, kensel nüfus arışı ve kişi başına GSYH arışı arasındaki amirik ilişki inceleyerek Türkiye de dönemi için asarrufların belirleyicilerini analiz emekedir. Gayri safi yur içi asarrufların belirleyicilerini es emek amacıyla ARDL yönemi kullanılmışır. Uzun dönem sonuçları Türkiye de mevdua faiz oranı ile gayri safi yur içi asarrufların oziif ve anlamlı ilişki içinde olduğunu gösermişir. Kensel nüfus arışı, kişi başına GSYH arışı ile gayri safi yur içi asarruflar arasında oziif ve anlamsız ilişki vardır. Enflasyon oranı ile gayri safi yur içi asarruflar arasında negaif ve anlamsız ilişki vardır. Kısa dönem sonuçlarında mevdua faiz oranı, kensel nüfus arışı ve enflasyon ile gayri safi yur içi asarruflar arasında oziif ve anlamlı ilişki olduğu görülmüşür. Türkiye de kişi başına GSYH arışı ile gayri safi yur içi asarruflar arasında oziif ve anlamsız bir ilişki vardır. Haa düzelme erimi negaif ve isaisiki olarak anlamlıdır. Anahar Kelimeler: Tasarruf, Mulak Gelir Hioezi, Sürekli Gelir Hioezi, Yaşam Döngüsü Hioezi, ARDL Sınır Tesi Yaklaşımı Absrac Saving lays imoran role in economic growh and develomen of a counry. Naional savings consis of hree comonens as cororae, household and govermen savings. This sudy analyzes he deerminans of saving in Turkey over a eriod of by examining he emirical relaionshi among he gross domesic saving, deosi ineres rae, inflaion, urban oulaion growh and GDP er caia growh. Auoregressive Disribued Lag (ARDL) aroach has been alied o es deerminans of gross domesic saving. The long run esimaed resuls reveals ha deosi ineres rae has osiive and significan relaionshi wih gross domesic saving in Turkey. Urban oulaion growh, GDP er caia growh has osiive and insignifican relaionshi wih

2 110 Dilek ŞAHİN gross domesic saving. Inflaion rae has negaive and insignifican relaionshi wih gross domesic saving. The shor run resuls show ha deosi ineres rae, urban oulaion growh and inflaion has osiive and significan relaionshi wih gross domesic saving. GDP er caia growh has osiive and insignifican relaionshi wih gross domesic saving in Turkey. Esimaed lagged error correcion erm (ECM-1) is negaive and saisically significan. Keywords: Saving, Absolue Income Hyohesis, Permanen Income Hyohesis, The Life-Cycle Hyohesis, ARDL Bounds Tesing Aroach I. INTRODUCTION Savig is he difference beween income and consumion. Saving is believed o be he main sources of finance o invesmen. Saving consiues he basis for caial formaion, invesmen and growh of a counry. Naional saving is he amoun of money which isn sends by a counry. Naional saving has hree comonens as household saving, cororae saving and governmen saving (Khan e al., 2014: s. 295). Household saving is defined he savings done by he individual members in a household. The savings made in he rivae owned cororaions are called as he corarae saving. The govermen saving is defined govermen savings and savings generaed by he ublic secor underakings in he form of inernal resources (Nayak, 2013: s. 3). Tha is; his equaion; NS S S v gov S ( Y NFP T TR INT ) C and v gov, naional sa- S ( Y TR INT G) ving final equaion is ( Y NFP T TR INT C) ( Y TR INT G) and Y NFP C T. ( Y =Gross Domesic Produc (GDP), NFP = Ne Facor Paymen, TR = Transfers Paymen from Aboard, INT = Ineres Paymens on The Governmen s Deb and T = Taxes). The aim of his sudy is o find ou he facors ha affec he saving in Turkey. Seleced variables namely gross domesic saving, deosi ineres rae, inflaion, urban oulaion growh and GDP er caia growh. This sudy is aken he eriod from 1975 o 2014 on a yearly basis by alying ime series analysis. This sudy is organized as follows. The second secion focuses on lieraure review, he hird secion deal wih daa and mehodology and fourh secion discussed he emirical findings and he final secion concludes. II. Review of Lieraure This secion menioned heorical and emirical framework abou saving and is deerminans. There are four acceed heories ha exlain he saving behaviour of economic agens. These heories are Absolue Income Hyohesis by Keynes (1936), Relaive Income Hyohesis by Duesenberry (1949), Permanen Income Hyohesis by Friedman (1957) and Life-Cycle Hyohesis by Modigliani (1963). The Absolue Income Hyohesis (AIH) is develoed by Keynes. This hyohesis discuss ha consumion and saving are an increasing funcion of disosable income. The consumion funcion is abou funcional relaionshi beween consumion and income. I can be wrien as: d C f ( Y ) (1) Where C is consumion, d Y is disosable income. Consumion is a sable funcion of disosable income. Consumion will rise as disosable income rises. This simle funcion is wrien as he linear funcion; d (2) C Y 0 1

3 An Emirical Analysis Of Deerminans Of Saving In Turkey 111, 0 C is he oal consumion a ime, auonomous consumion, which reresens consumion when income is zero. is he marginal roensiy o consume 1 (MPC, and C ), d is disosable income a Y MPC Y ime. The Keynesian saving funcion akes a form of linear funcion wih consan marginal roensiy o save (MPS): S Y (3) S is saving, Y is disosable income, is consan. 0 and he marginal roensiy o save 0 1 and S. is generally aken o be Y negaive, signifying ha a low levels of income savings will be negaive. Under his formulaion savings raios should be execed o rise over ime all counries where income is growing. The Permanen Income Hyohesis (PIH) is develoed by Friedman. The hyohesis argues ha consumion isn by curren income bu deends on execed average income and ransiory income. This hohesis income and consumion are divided ino wo major comonens as he ransiory and ermanen comones. Tha is; q (4) C C C Y Y Y q is ermanen consumion, Y Where; q C C (5) is ransiory consumion; is ermanen income, q Y is ransiory consumion. Permanen income refers o he amoun a consurmer sends on consumion while keeing her/his wealh inac. Transiory income is defined he differences ermanen income and he measured income. According o Friedman hyohesis, he saving funcion a ime in is simles form given he ransiory and ermanen income can be exressed as (Eahra, 2014: s.226): (6) S Y Y Where, Y Y Y, is he marginal roensiy o save given ermanen income is he marginal roensiy o save ( Y ), given ransiory income ( Y ). Friedman hyohesizes ha individuals consume virually no ransiory income imlying. This mean ha as ha sending 1 behavior will deermine he consumion sending. Changes of ransiory income will lead o changes in saving in oher words, he higher he ransiory income, he higher he saving (Eahra, 2014: s.226). Life-cycle hyohesis is develoed by Modigliani. According o he heory consumion is a funcion of he consumer s life execed income. Individual s consumion deend on he rae reurn on caial, he sending lan and he reiremen age of individual which he lan is made. Modigliani (1963) osulae a lifecycle hyohesis of consumion of an individual in a secified eriod of ime. This heories suggess ha in he early years of a ersons life hey are ne borrowers. In he middle years hey save o reay debs and rovide for reiremen (Eahra, 2014: s. 226). This model is exended o he naional level, he main deerminans of he saving are he rae of growh of er caia income and he age srucure of oulaion.

4 112 Dilek ŞAHİN The life-cycle hyohesis can be exlained by he equaion (Alimi, 2013: s.5): C ( W RY ) / T (7) This equaion; W= Iniial endowed wealh, R= Number of years earning labor income, Y= Labour income T= Number of years of he individual s lifesan. Rewriing he equaion; 1 R (8) C W Y T T If every individual lans heir consumion in such way, he aggregae consumion funcion of he economy, will ake he form. C W Y (9) Where arameer 1 is he ( ) T marginal roensiy o consume ou of accumulaed wealh and R is he ( ) T marginal roensiy o consume ou of income Duesenberry (1949) osulaes ha an household consumion funcion deends on household income in relaion o oher household income, as a resul, for any given relaive income disribuion, he ercen of income saved by a household will end o be unique, invarian, and increasing funcion of is ercenile osiion in he income disribuion. The hyohesis assumes ha he ercen of income saved will be indeenden of he absolue level of income. The aggregae saving raio will be indeenden of he absolue level of income. This imlies ha he MPS of an individual would be higher if his ercenile osiion in he income disribuion is higher (Eahra, 2014: s.225). There are large number of sudies on deerminans of savings in he lieraure. I is ossible o summarize as follows some of sudies: Narayan and Siyabi (2005), examined he deerminans of Oman s naional saving for he eriod This sudy was used he ARDL model o esimae he long run and shor run deerminans of naional saving. The resuls of sudy showed ha he curren accoun, he urbanisaion rae and he money suly exer saisically significan imacs on Oman s naional saving in he long run. Ayalew (2013), examined he deerminans of domesic saving in Ehioia using ime series annual daa form ARDL bounds esing was erformed. The esimaed resuls revealed ha growh rae of income, budge defici raio and inflaion rae were found o be saisically significan shor run and long run deerminans of domesic saving in Ehioia. Bu deosiing ineres rae, curren accoun defici raio and financial deh were found o be saisically insignifican deerminans in he long run. However, in he shor run financial deh and deosiing ineres rae found o have saisically significan deerminans in he long run. Jilani e al., (2013), examined he imac of various facors on naional saving of Pakisan including GDP, inflaion, fiscal defici and rae of ineres over he eriod Coinegraion and ECM echnique was used o find he long and shor run equilibrium among he variables. Resul of his sudy concluded ha GDP, inflaion and fiscal defici layed significan role in deermining he naional savings of Pakisan. The coefficien resuls of his sudy showed ha exce inflaion all variables was influencing osiively o naional savings in he shor run. Khan e al., (2013), invesigaed he imac of demograhic facors like age, income, deency raio, educaion of males and females and he economic facor of financial deh on household savings in Pakisan over he eriod by a-

5 An Emirical Analysis Of Deerminans Of Saving In Turkey 113 liying coinegraion analysis. The sudy showed ha increase in er caia income, execed age, deeening of financial sysem, increase in years of educaion of boh males and females was osiively associaed wih higher saving rae bu increase in deendency raio had negaive imac on saving rae. Kudaisi (2013), invesigaed he deerminans of domesic saving in Wes Africa during The emirical resuls showed ha he size of effec of he deendency raio and ineres rae on domesic savings was found ou negaive and insignifican growh of GDP hough osiive bu saisically insignifican only he govermen budge surlus and inflaion rae was found o be saisically insignifican. Kwakwa (2013), invesigaed he deerminans of naional savings by using he Johansen coinegraion echnique and error correcion model o examine he shor run and long run dynamics of he sysem for Gana over he eriod. The emirical resuls esablished ha in he long run, income and erms of rade had a osiive and significan imac on savings while deendency raio, oliical insabiliy and he real ineres rae had a negaive imac on savings. In he shor run however, only erms of rade osiively affeced savings. The oher variables namely deendency raio, oliical insabiliy, financial deeening, income and ineres rae had an insignifican imac on savings. Chaudhry e al., (2014), analyzed he naional saving and is moneary and fiscal deerminans in Pakisan during he eriod To esimae he shor and long run elasiciies he auoregressive disribued lag and error correcion model was used. The resuls suggesed ha deosi rae and governmen exendiures had osiive relaionshi wih naional saving in boh long run and shor run. M2 was negaively relaed wih naional saving in long run bu highly significan. Inflaion rae was resening a osiive relaionshi wih naional saving in shor run. Ehikioya and Mohammed (2014), analyzed he deerminan of rivae savings in Nigeria ( ). The sudy used coinegraion and error correcion mechanism o deermine he relaionshi beween rivae saving and inernal and exernal facors. The resuls showed ha income er caial, inflaion rae, erm of rade and financial deeening was significan deerminans of rivae savings in Nigeria. Esmail (2014), analyzed macroeconomic deerminans of saving in Egy using Ordinary mulile regression over he This sudy resuls indicaed ha naional savings rae was osiively relaed wih real GDP growh rae, bu negaively relaed wih federal deb growh and inflaion. Ogbokor and Samahiya (2014), analyzed he deerminans of saving in Namibia hrough he use of coinegraion and error correcion mechanisms for he eriod running from 1991 o The resuls suggesed ha inflaion and income had osiive imac on savings, while oulaion growh rae had negaive effecs on saving. Deosi rae and financial deeening had no significan effec on savings. Khan e al., (2014), analyzed o examine he imac of ineres rae, inflaion rae and er caia income on household s saving in Pakisan for he eriod of 1981 o This sudy used Granger causaliy es, Johansen coinegraion and vecor error correcion model. The emirical resuls showed ha here exis equilibrium in long run relaionshi among er caia income, inflaion, ineres rae and household s saving. Ahmad (2015), examined he deerminans of Pakisan s rivae saving for

6 114 Dilek ŞAHİN he eriod 1972 o The reuls suggesed ha GDP er caia, inflaion rae, financial develomen, deendency raio and fiscal develomen had imac on he rivae saving rae in Pakisan. III. Daa and Mehodology In his sudy, we ake daa series from World Bank Indicaors. The emirical savings funcion can ake he form as follows: S= f(dr, INF, UPR, PCG) (10) Where S, he deenden variable, is gross domesic saving as a ercenage of GDP, DR is deosi ineres rae, INF is inflaion GDP deflaor (annual %), URP, urban oulaion growh (annual %), PCG is GDP er caia growh (annual %). Taking he naural log of equaion (10) we ge; ln S ln DR ln INF lnupr ln PCG (11) Augmened Dickey-Fuller (ADF) es is used o check he saionariy of each variable, and i is used for order of inegraion of each variable. ADF uni roo es is based on following equaions. X X X (12) 1 i i i1 Where; denoes firs difference oeraor, denoes lag oeraor, denoes ime subscri and denoes he error erm. Augmened Dicky-Fuller (ADF) es is based on following hree ossible forms: Wihou inercen and rend X X X 1 i i1 Wih inercen X X X 0 1 i i1 Wih inercen and rend (13) X X X 0 i i i1 (14) (15) The null hyohesis: The variable has uni roo. The alernaive hyohesis: There is no uni roo. The general form of ARDL (, q) is as: q j j 0 j i y j0 j0 Y L X L X (16) L j X j Where L sands for lag oeraor, is a dynamic model in he level of he variable and heir lags. This sudy emloyed auoregressive disribued lag (ARDL) model or bound esing aroach o analyze he role of various deerminans of saving in Turkey. We considered ARDL model o suiable for our emirical analyze because of he following reasons. The se of variables used in our sudy is likely o be of a mix of I(0) and I(1) variables. ARDL model is more suiable for he small and finie samle daa eriod. ARDL aroach o coinegraion rovides he error correcion version of ARDL model. LS 0 ils i LDR i LINF i i UPR PCG LS LDR LINF LUPR LPCG i i 1 1 i i i i 1 i 1 i i (17)

7 An Emirical Analysis Of Deerminans Of Saving In Turkey 115 Where,,,,, shows shor run dynamics of he model and all s shows he long run relaionshi. F saisics is alied o check wheher coinegraion exis or no. F saisics is comared wih a criical value of F comued by Pesaran e al. (2001). If he comued F saisics is less han he lower bound value, he null is no rejeced. On he conrary, If he comued F saisics is greaer han he uer bound value i imlies exisence of long run relaionshi among he variables. Finally if he comued F saisics lies beween he lower bound and uer bound long run associaion beween he variables becomes inconclusive. The null hyohesis: There is no coinegraion The Alernaive Hyohesis: There is coinegraion (Erdoğan and Yıldırım, 2009: s.17). The following esimaed long run model; m n 0 k LS 0 1iLS i 1i LDR i 1iLINF i 1iLUPR i 1iLPCG i i 0 i 1 i 1 i 1 i1 (18) The ARDL design of he shor run dynamic can be resuled by building an error correcion model of following form. The ARDL design of he shor run dynamic can be resuled by building an error correcion model of following form: LS 0 2 LS i i 2 LDR i 2 LINF i i 2iLUPR i 2iLPCG i ECM i 0 i 0 i i0 i0 i0 i (19) ECM i, indicae he error correcion erm and shows seed of adjusmen ha is relaed o coinegraion equaion. IV. Emiricial Resuls The emirical analysis in his sudy began wih assessing he saionariy condiions of he variables used in our sudy by alying ADF uni roo es. Resuls of uni roo es are reored in able 1. ADF resuls show ha he gross domesic saving as a ercenage of GDP, deosi ineres rae, inflaion and urban oulaion growh series are no saionary a level bu he firs differences of series are saionary. GDP er caia growh is saionary a level.

8 116 Dilek ŞAHİN Table 1: Resuls of Uni Roo Tes (ADF) Level 1 s Difference Variables Inercen Inercen and Trend Inercen Inercen and Trend S * * (-2.938) (-3.529) (-2.941) (-3.533) DR * * (-2.938) (-3.529) (-2.941) (-3.533) INF * * (-2.938) (-3.529) (-2.941) (-3.533) UPR * * (-2.938) (-3.529) (-2.941) (-3.574) PCG * * * * (-2.938) (-3.529) (-2.943) (-3.536) Noe: denoes significance a 5 ercen level. In able 2, he calculaed F-saisic is higher han he uer bound criical value a 5% level of significance (4.01). We rejec he null hyohesis of no long-run relaionshi a 5% significance level. So, here exis a coinegraion among he variables. Table 2: ARDL Bounds Tes for Coinegraion Variables F-Saisics Coinegraion f(s/dr, INF, UPR, PCG) 8.949* Coinegraion Criical Value Lower Bound Uer Bound 5 % % Noe: * denoe significance a 5 ercen level.

9 An Emirical Analysis Of Deerminans Of Saving In Turkey 117 Table 3 shows long run coefficien resuls, all variables are in logarihmic ransformaion so his able resuls also give long run elasiciies. There is a saisically osiive relaionshi beween deosi ineres rae and gross domesic saving. The resuls show ha increase in he deosi ineres rae by 1 ercen leads o 0,40 ercen increase in gross domesic saving and his is significan a 5 ercen significance level. Inflaion rae has negaive effec on gross domesic saving and insignifican relaionshi wih gross domesic saving. Resuls show ha 1 ercen increase in inflaion rae leads o 0.12 ercen decrease in gross domesic saving. Urban oulaion growh has osiive effec on gross domesic saving. Resuls show ha 1 ercen increase in urban oulaion leads o 0.37 ercen increase in gross domesic saving. GDP er caia growh has osiive effec on gross domesic saving. Resuls show ha 1 ercen increase in GDP er caia growh leads o 0.01 ercen increase in gross domesic saving. Table 3: Long Run Coefficien Deenden Variable=S Variables Coefficien Sandar Error Raio (Prob) Consan (0.0061)* DR (0.0051)* INF (0.1349) UPR (0.1479) PCG (0.7370) Noe: * denoe significance a 5 ercen level Table 4 shows shor run coefficien resuls. There is saisically osiive relaionshi beween deosi ineres rae and gross domesic saving. The resuls show ha increase in he deosi ineres rae by 1 ercen leads o 0.17 ercen increase in gross domesic saving. There is saisically osiive relaionshi beween inflaion rae and gross domesic saving. The resuls show ha increase in inflaion rae by 1 ercen leads o 0.13 ercen increase in gross domesic saving. There is saisically osiive relaionshi beween urban oulaion growh and gross domesic saving. The resuls show ha increase in urban oulaion growh by 1 ercen leads o 0.35 ercen increase in gross domesic saving. There is saisically osiive relaionshi beween GDP er caia growh and gross domesic saving. The resuls show ha increase in GDP er caia growh by 1 ercen leads o ercen increase gross domesic saving. The coefficien of error correcion is significan a 5 ercen significance level wih correc and negaive sign. A coefficien of shows ha here will be abou ercen seed of adjusmen oward long run equilibrium when here is any imbalance in he shor run.

10 118 Dilek ŞAHİN Table 4: Shor- Run Coefficien Deenden Variable=S Variables Coefficien Sandar Error Raio (Prob) DR (0.0370)* INF (0.0015)* UPR (0.0862)** PCG (0.6809) ECM (0.0076)* Noe: *denoe significance a 5 ercen level and ** significance a 10 ercen level. V. Conclusion Saving is he engine of economic growh. The aim of his sudy was o examine he deerminans of Turkey s saving rae. For his urose, i examined he relaionshi beween gross domesic saving and is deerminans, namely deosi ineres rae, inflaion, urban oulaion growh and GDP er caia growh using annual daa for he eriod In his sudy we used ADF es o examine wheher he variables are saionary or no. The sudy resuls showed ha all series are no saionary a level. Then ARDL bounds esing aroach is alied and found gross domesic saving and is deerminans were coinegraion. Long run resuls showed ha, here is a saisically osiive relaionshi beween deosi ineres rae, urban oulaion growh and GDP er caia has osiive effec on gross domesic saving. Inflaion rae has negaive effec on gross domesic saving. Shor run resuls showed ha, here is saisically osiive relaionshi beween deosi ineres rae, urban oulaion growh, inflaion, GDP er caia growh and gross domesic saving. The coefficien of ECM is which is significan a 5 ercen of significan level. REFERENCES Ahmad, F. (2015). Deerminans of Saving Behavior in Pakisan: Long Run- Shor Run Associaion and Causaliy. Timisoara Journal of Economic and Business, 8(1): Alimi, S. (2013). Keynes Absolue Income Hyohesis and Kuznes Paradox. Munich Personal RePEc Archive (MPRA), Ayalew, H. (2013). Deerminans of Domesic Saving in Ehioia: An Auoregressive Disribued Lag (ARDL) Bounds Tesing Aroach. Journal of Economics and Inernaional Finance, 5(6): Chaudhry, I; Riaz, U; Farooq, F.& Zulfiqar, S.(2014). The Moneary and Fiscal Deerminans of Naional Savings in Pakisan: An Emirical Evidence from ARDL Aroach o Coinegraion. Pakisan Journal of

11 An Emirical Analysis Of Deerminans Of Saving In Turkey 119 Commerce and Social Sciences, 8(2): Ehikioya, I. & Mohammed, I. (2014). An Economeric Analysis of he Deerminans of Privae Domesic Savings in Nigeria ( ). Inernaional Journal of Humaniies and Social Science, 4(5): Eahra, M. (2014). Emirical Invesigaion of he Deerminans of Tanzania s Naional Savings. Journal of Economics and Develomen Sudies, 2(4): Erdoğan, S. & Yıldırım, D. (2009). Türkiye de Eğiim-İkisadi Büyüme İlişkisi Üzerine Ekonomerik Bir İnceleme. Bilgi Ekonomisi ve Yöneimi Dergisi, 4(2): Esmail, H. (2014). Macroeconomic Deerminans of Savings in Egy Saisical Model. Inernaional Journal of Business and Economic Develomen, 2(2): Jilani, S; Sheikh, S; Cheema, F & Shaik, A. (2013). Deerminans of Naional Savings in Pakisan: An Exloraory Sudy. Asian Social Science, 9(5): Khan, I; Khilji, B. & Abbas, G. (2014). Relaionshi Beween Ineres Rae and Household s Savings in Pakisan. Inernaional Journal of Innovaion and Scienific Research, 12(1): Khan, T ; Gill, A.& Haneef, S. (2013). Deerminans of Privae Saving: A Case of Pakisan. Asian Journal of Economic Modelling, 1(1):1-7. Kudaisi, B. (2013). Savings And Is Deerminans In Wes Africa Counries. Journal of Economics and Susainable Develomen, 4(18): Kwakwa, P. (2013). Deerminans of Naional Savings: A Shor and Long Run Invesigaion in Ghana. KJBM, 5(1): Narayan, P. & Siyabi, S. (2005). An Emirical Invesigaion of he Deerminans of Oman's Naional Savings. Economics Bullein, 3(51): 1 7. Nayak, S. (2013). Deerminans and Paern of Saving Behaviour in Rural Households of Wesern Odisha. Dearmen of Humaniies and Social Sciences Naional Insiue of Technology Rourkela, India Maser Thesis. Ogbokor, C. & Samahiya, O. (2014). A Time Series Analysis of he Deerminans of Savings in Namibia. Journal of Economics and Susainable Develomen, 5(8): Zhuk, M. (2015). Macroeconomic Deerminans of Household Saving in Ukraine. Economics & Sociology, 8(3):

12 120 Dilek ŞAHİN