Empirical Analysis of the Relationship Between Household Savings and Disposable Income and Economic Development in Hubei Province——Based on the VAR model
This paper uses the GDP,household savings,disposable income and consumer price index of Hubei Province from 2001 to 2021 as data samples,and constructs a VAR financial measurement model to explore the impact of household savings and disposable income on economic development in Hubei Prov-ince.The results show that there is a causal relationship between household savings and consumer price in-dex,but household savings has no significant effect on the GDP of Hubei Province.Therefore,in the post epidemic era,on the one hand,government departments should reasonably guarantee residents'income,enhance residents'consumption confidence and stimulate consumption,beware of deflation risks,and keep the overall level of economic development stable.On the other hand,financial institutions should im-prove the conversion efficiency of savings and investment,inject fresh water into the real economy,and thus accelerate the economic revitalization of Hubei Province.
household savingsdisposable incomeeconomic developmentVAR model
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