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ORIGINAL ARTICLE
MACROECONOMIC DETERMINANTS OF SAVINGS IN DEVELOPING ECONOMIES: A NEW EMPIRICAL EVIDENCE FROM NIGERIA
Onyinye Anthony-Orji 1  
,   Anthony Orji 1  
,   Jonathan E. Ogbuabor 1  
 
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Department of Economics, University of Nigeria, Nsukka, Nigeria
CORRESPONDING AUTHOR
Anthony Orji   

Department of Economics,, University of Nigeria, Nsukka, 817 Imoke Street, 410001, Nsukka, Nigeria
Submission date: 2021-10-06
Final revision date: 2021-10-28
Acceptance date: 2021-11-22
Online publication date: 2021-12-31
Publication date: 2021-12-31
 
Economic and Regional Studies 2021;14(4):428–444
 
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ABSTRACT
Subject and purpose of work: The issue of savings and what motivates them has continued to generate discussion. This study, therefore, investigated the determinants of savings in Nigeria over the period of 1980 to 2017. Materials and methods: The study employed the Classical Linear Regression Model in its analysis. Results: The results revealed that the determinants of savings include per capita income, gross fixed capital formation, financial deepening and exchange rate. Interest rate and inflation rate showed negative impact on savings. Conclusions: The study recommends that the variables that showed positive impact on savings rate should be properly maintained with relevant policy tools to ensure higher saving rates. Moreover, the government should control spending on economic activities that encourage the creation of more jobs and investments. This will help individuals, firms and governments find opportunities to save money. Finally, the Monetary Authorities should pursue financial deepening policies and implement strategies that will enhance the increase of savings in Nigeria.
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eISSN:2451-182X
ISSN:2083-3725