Template-Type: ReDIF-Paper 1.0

Author-Name: Elena Chetverikova
Author-Email: 11sveconom@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation

Author-Name: Yulia Gudkova
Author-Email: 11sveconom@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation

Author-Name: Anna Vorontsova
Author-Email: 11sveconom@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation

Author-Name: Yulia Manuhina
Author-Email: 11sveconom@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation

Title: Heterogeneity of savings activity in Russian regions, its predictors and determinants 

Abstract: This report examines the heterogeneity of Russian regions in terms 
of saving behavior, its predictors and determinants. The purpose of the work 
is identification of stable groups of regions with similar socio-economic 
characteristics associated with saving behavior. For this we used exploratory
 data analysis method, such as clustering with factor analysis (principal 
component method) to reduce dimensionality. The initial data is the savings 
rate, as well as other socio-economic indicators identified in the empirical 
literature as its determinants and predictors and available regionally. 
Analysis shows that most regions of Russia have a similar savings rate and 
influencing socio-economic conditions affect it. At the same time, certain 
groups of regions have specific features that determine savings activity in 
them, which can influence efficiency of monetary policy transmission in the 
regions.

Length: 53 pages
Creation-Date: 2022-12
Revision-Date: 
Publication-Status:
File-URL: http://www.cbr.ru/StaticHtml/File/142779/wp_101.pdf
File-Format: Application/pdf
File-Function: 
Number: wps101
Classification-JEL: E21, E71
Keywords: savings, consumer behavior, clustering, Russian regions
Handle:RePEc:bkr:wpaper:wps101