Changes in the consumption of credit institutions’ services by individuals and households and their role in the economy: a case of Estonia, Latvia, and Lithuania
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https://orcid.org/0000-0001-7496-1750
Dominyka Černiavskaja
Abstract
The purpose is to assess the scope and dynamics of financial services consumed from credit institutions and their role in economic growth, based on theoretical frameworks and empirical analysis, using the cases of Lithuania, Latvia, and Estonia.
Methodology: Research methods used in an article are analysis of scientific literature, methods of comparison and generalisation, correlation analysis, pairwise regression analysis, multivariate regression analysis.
Findings: The role, changes, and extent of financial services consumed by individuals and households can be analysed from different theoretical perspectives. Findings indicate that in Lithuania and Latvia, the greatest increases in GDP are associated with the number of individuals using the internet for internet banking, whereas in Estonia, the most significant driver of GDP growth is household lending for house purchases.
Originality: After highlighting the theoretical approaches to financial services consumed by individuals and households, it focused on indicators of loans, financial leasing, use of payment cards, internet banking, and deposits and regression analysis with the GDP of Lithuania, Latvia, and Estonia.
Keywords: Financial services consuming, Economic growth, Household and individual loans, Deposits, Payment cards, Internet banking
JEL Classification Codes: G2, G51, D12, D14, H31
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