The Analysis Of Savings Attitude Will Be Discussed From...

This section discusses some theories and models that highlights on savings. The analysis of savings attitude will be discussed from two approaches: macroeconomic and microeconomic (household) perspectives. The macroeconomic methodology concerns itself with the influence of economic indicators such as GDP growth rate, rate of inflation, money supply, interest rate, etc., on the saving rate in an economy. At the micro level, individual saving and consumption attitudes, particularly households, have a particular relevance for financial stability of the economy. Poor savings attitudes induce financial disequilibrium as financial intermediation functions becomes difficult to realise (Modigliani Brumberg, 1954; Nwachukwu Odigie, 2011). Thus, at macroeconomic level, population savings are an important source for financing company investments as well as budget deficit. At microeconomic level, the savings contraction decreases the populations’ standard of living, especially the retired, with all the negative implications that may follow. Todaro (2010) defines development in economics as achieving sustained growth rates of per capita income (economic growth) so as to enable an economy expands its output at a rate higher that of its population growth rate. Review of some relevant literature found some models and theories regarding economic growth and savings are as follows. Traditional Classical Growth Theory (Adam Smith’s theory) The development on theories on savings can beShow MoreRelatedEurope Economic Crisis55278 Words   |  222 PagesISSN 0379-0991 Economic Crisis in Europe: Causes, Consequences and Responses EUROPEAN ECONOMY 7|2009 EUROPEAN COMMISSION The European Economy series contains important reports and communications from the Commission to the Council and the Parliament on the economic situation and developments, such as the Economic forecasts, the annual EU economy review and the Public ï ¬ nances in EMU report. 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