Evaluating the Efficiency of the Mechanism for Mobilizing Household Savings at the Macro level

The overview of literary sources has shown that the problem of household savings mobilization is considered by scientists in the context of investment resource formation and as an important aspect of anti-crisis regulation and ensuring economic growth. The analysis of statistical data of Ukraine revealed a significant volatility of the share of household savings in the structure of gross savings of all institutional sectors of the economy. This dynamics, on the one hand, reinforces the thesis about considerable resource potential of household savings in the formation of investment funds, especially during periods of financial crises, and on the other hand, demonstrates the problem of ineffectiveness of the state policy of mobilizing savings in Ukraine. In this connection, there is a need for a quantitative assessment of the effectiveness of the macroeconomic policy of mobilizing savings at the national level.

The authors propose a methodology for calculating the macroeconomic savings efficiency index based on a set of selected factors. The sequence of calculations includes the following stages: stage 1 – measurement of the tightness of connection between the dynamics of household savings and individual macroeconomic variables to identify the most effective factors of influence; stage 2 - normalization of the indicators and their further use in constructing a correlation-regression model for the quantitative measurement of the power of influence of certain factors on the result; stage 3 - calculation of the efficiency index of individual policy of the mobilization of savings.

It has been found out that the state policy of household savings mobilization in Ukraine had a wave-like effect, conditioned in the first turn, by the inconsistency of the use of various tools and instruments of influence.