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The assessment of government incentives on savings, Hungary 2006–2019

Author

Listed:
  • Vivien Czeczeli

    (Research Institute of Competitiveness and Economy, National University of Public Service, Budapest, Ludovika tér 2, H-1083, Hungary)

  • Gábor Kutasi

    (Research Institute of Competitiveness and Economy, National University of Public Service, Budapest, Ludovika tér 2, H-1083, Hungary)

  • Eszter Szabó

    (Department of World Economy, Corvinus University of Budapest, Hungary)

Abstract

This study analyses the effectiveness of government incentives on household savings in Hungary prior to the Covid pandemic and the ensuing economic turmoil. Time series pertaining to life insurance, voluntary pension savings, and long-term and short-term government bonds are tested in relation to government incentives. The novelty of this study is the test on complex mix of policy incentives and saving funds. The analysis applies the multiple breakpoint test and OLS regression, based on the behavioural life cycle hypothesis. The conclusion is that in the analysed time period the government incentives had a significant effect and promoted savings behaviour, with the exception of short-term government bonds.

Suggested Citation

  • Vivien Czeczeli & Gábor Kutasi & Eszter Szabó, 2021. "The assessment of government incentives on savings, Hungary 2006–2019," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 71(4), pages 569-585, December.
    • Handle: RePEc:aka:aoecon:v:71:y:2021:i:4:p:569-585
    DOI: 10.1556/032.2021.00040
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    More about this item

    Keywords

    government incentives; household savings; breakpoint test; behavioural life cycle hypothesis; Hungary;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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