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The Relationship Between Savings And Economic Growth In Countries With Different Level Of Economic Development

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  • Piotr Misztal

    (Technical University of Radom)

Abstract

The aim of this paper is to analyze the cause and effect relationship between economic growth and savings in advanced economies and in emerging and developing countries2. In this work we used the method based on studies in macroeconomics and international finance as well as econometric methods (co-integration models and Granger’s causality test). All statistical data used in this paper came from the International Monetary Fund database (World Economic Outlook database). The results confirmed the existence of one-way casual relationship between gross domestic savings and gross domestic product in the case of developed countries as well as in developing and transition countries. At the same time it was revealed the absence of causal relationship between gross domestic product and gross domestic savings both in developed economies and developing and transition countries.

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Bibliographic Info

Article provided by University of Information Technology and Management, Institute of Financial Research and Analysis in its journal e-Finanse.

Volume (Year): 7 (2011)
Issue (Month): 2 (August)
Pages: 17-29

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Handle: RePEc:rze:efinan:v:7:y:2011:i:2:p:17-29

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Keywords: savings; economic growth; co-integration;

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  1. Ricardo N.Bebczuk, 2000. "Productivity and saving channels of economic growth as latent variables: an application of confirmatory factor analysis," Estudios de Economia, University of Chile, Department of Economics, University of Chile, Department of Economics, vol. 27(2 Year 20), pages 243-257, December.
  2. Paresh Kumar Narayan & Seema Narayan, 2006. "Savings behaviour in Fiji: an empirical assessment using the ARDL approach to cointegration," International Journal of Social Economics, Emerald Group Publishing, Emerald Group Publishing, vol. 33(7), pages 468-480, July.
  3. Nurudeen ABU, 2010. "Saving-Economic Growth Nexus In Nigeria, 1970-2007: Granger Causality And Co-Integration Analyses," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 5, pages 93-104, June.
  4. Maite Alguacil & Ana Cuadros & Vicente Orts, 2004. "Does saving really matter for growth? Mexico (1970-2000)," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 16(2), pages 281-290.
  5. Pradeep Agrawal, 2001. "The relation between savings and growth: cointegration and causality evidence from Asia," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 33(4), pages 499-513.
  6. repec:ebl:ecbull:v:5:y:2006:i:3:p:1-12 is not listed on IDEAS
  7. Sinha, Dipendra & Sinha, Tapen, 1998. "Cart before the horse? The saving-growth nexus in Mexico," Economics Letters, Elsevier, Elsevier, vol. 61(1), pages 43-47, October.
  8. De Gregorio, Jose, 1992. "Economic growth in Latin America," Journal of Development Economics, Elsevier, Elsevier, vol. 39(1), pages 59-84, July.
  9. Orazio P. Attanasio & Lucio Picci & Antonello E. Scorcu, 2000. "Saving, Growth, and Investment: A Macroeconomic Analysis Using a Panel of Countries," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 182-211, May.
  10. Emmanuel Anoruo & Yusuf Ahmad, 2001. "Causal Relationship between Domestic Savings and Economic Growth: Evidence from Seven African Countries," African Development Review, African Development Bank, African Development Bank, vol. 13(2), pages 238-249.
  11. Bacha, Edmar L., 1990. "A three-gap model of foreign transfers and the GDP growth rate in developing countries," Journal of Development Economics, Elsevier, Elsevier, vol. 32(2), pages 279-296, April.
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