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Purpose-Financial innovation augment the investment alternatives of individuals, allowing them to have different investment opportunities in changing economic conditions. Channeling the idle savings into productive sectors increase the fund margin of households and entrepreneurs facing financial squezee. The aim of this paper to examine the impact of financial services on savings and domestic savings. The paper analyzes the main determinants of savings in twenty upper middle income, high income countries for the period of 2005-2014. Methodology-In this paper, we build panel data analyses to investigate the impact of innovation in financial markets on savings and domestic savings. Findings-Level of financial innovation and financial access are important parameters affecting both gross savings and gross domestic savings. higher financial innovation leads to higher savings and domestic savings. The net interest margin and banking crisis has a negative effect on savings in both models. Increase in capital formation contribute to higher gross savings and gross domestic savings. Conclusion-The paper finds that financial innovation and diversification is an important lever in the increasing of savings, therefore confirming the "liberalization of financial market" hypothesis.

Klasik finans teorisinde yatırım karar sürecindeki en önemli iki değişken beklenen getiri oranı ve risk olarak kabul edilmektedir. 1950'lerin başında finans bilim dalında bir dönüm noktası olarak kabul edilen çalışmasıyla Markowitz'in bu alana yaptığı en büyük katkılardan birisi kavramsal olarak bilinen risk olgusunun varyans ile ölçülmesini olanaklı kılan bir yöntemi ortaya koymasıdır. Beklenen getirinin gerçekleşme olasılığı olarak tanımlanan riskin hesaplanması için gelecekte gerçekleşmesi muhtemel getiri oranlarına ilişkin objektif bir olasılık dağılımının var olduğu varsayılmaktadır. Bu dağılımın ortalaması, beklenen getiri oranı; varyansı ya da standart sapması ise risk ölçüsü olarak yaygın bir şekilde kullanılmaktadır. Riskin 1

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This article aimed to illustrate that the role of the finance sector in an economic system can be explained more systemically and systematically in the context of its interaction with macroeconomic governance, based on the case of the USA from 1952Q1 to 2019Q2. The article introduced two modes of economic governance based on negative and positive institutional complementarities, developed its hypotheses built on a structural analysis of the long-run relationship between the finance sector and macroeconomic governance within the frame of these two modes, and quantitatively tested the hypotheses using time-series cointegration analysis. The article concluded that the finance sector enhanced and impaired the US economic performance, respectively, in the periods 1952Q1–1973Q4 and 1980Q1–2007Q4, and that its long-run relationship with the US economic performance disappeared in the period 2008Q1–2019Q2.