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Benevolent savings and macroeconomic variables: some empirical evidence from Iran

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  • Abolghasem Tohidinia
  • Ali Reza Oryoie
  • Amin Mohseni-Cheraghlou

Abstract

Many studies have investigated the impact of savings on macroeconomic variables. However, there is no study on the effect of benevolent saving on macroeconomic variables. In benevolent saving/lending, households save part of their income for lending benevolently at zero interest rates to the needy population. This study applies the Toda-Yamamoto causality test on a novel quarterly time-series data provided by the Central Bank of Iran from 1988 to 2015 to test the relationship between benevolent savings and a few macroeconomic variables. The results show that benevolent savings have short-run positive effects on total consumption and total investment.

Suggested Citation

  • Abolghasem Tohidinia & Ali Reza Oryoie & Amin Mohseni-Cheraghlou, 2021. "Benevolent savings and macroeconomic variables: some empirical evidence from Iran," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 14(3), pages 278-290, September.
    • Handle: RePEc:taf:macfem:v:14:y:2021:i:3:p:278-290
    DOI: 10.1080/17520843.2020.1854810
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