INCOME POLICY AS A MEAN OF MOBILIZING SAVINGS AT THE MACRO LEVEL

Abstract

Household savings along with savings of other macroeconomic actors play the role of an internal financial source for the investment process. And modern Ukraine has a great need for investment. Ukraine must protect its economic sovereignty and strengthen its competitive position on the world market in a context of modern globalization. The financial basis of domestic investment is national savings. Among them, a significant role is played by household savings. Therefore, the analysis of the impact of various directions of macroeconomic policy on saving behaviour of the population is relevant. Statistics distinguish in the structure of savings the growth of households' financial assets and the accumulation of nonfinancial assets. The macroeconomic policy of savings has its own characteristics in different countries and uses different means and tools. In the article, the relation between the growth of financial assets of Ukrainian households and factor incomes has been analysed for 2005-2017 using the nonlinear correlation method. The influence of factor incomes and taxes on the dynamics of household savings  is estimated. The calculation was carried out on the basis of the analytical grouping of data according to such factor features as the average monthly wage per full-time employee, entrepreneurial profit and mixed income per capita, property income dividends per capita and the received social assistance and other current transfers per capita. The obtained results made it possible to compare the power of the various means and instruments of income policy on financial household savings. The incomes policy's “Target tree” was formed for mobilizing the savings of the population of Ukraine. The strategic, main, tactical and intermediate objectives of the income policy have been defined. This hierarchy of objectives will allow for the cumulative effect of macroeconomic policy in the context of mobilizing unorganized savings of the population.