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An Econometric Investigation into the Macroeconomic Relationship between Investment and Saving: Evidence from the EU Region

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  • Constantinos Alexiou

Abstract

Within the EU region, the emerging policy orientation of pursuing balanced or in-surplus budgets as a means of revitalising investment has dominated economic policy. Nonetheless, the notion that saving must be boosted in order to expand investment, is a contention that has to be taken with a 'pinch of salt'. This study, by elaborating on the causal dimension between investment and saving, provides econometric evidence on the basis of which investment is a variable of the utmost importance.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000148663
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 18 (2004)
Issue (Month): 1 ()
Pages: 1-14

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Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-14

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Related research

Keywords: Investment; saving; European Union; VAR;

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References

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  1. Cesaratto, Sergio, 1999. "Savings and Economic Growth in Neoclassical Theory," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 771-93, November.
  2. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  3. Martin Feldstein & Philippe Bacchetta, 1992. "National Saving and International Investment," NBER Working Papers 3164, National Bureau of Economic Research, Inc.
  4. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
  5. Lawrence H. Summers, 1989. "Tax Policy and International Competitiveness," NBER Working Papers 2007, National Bureau of Economic Research, Inc.
  6. Skott,Peter, 2008. "Conflict and Effective Demand in Economic Growth," Cambridge Books, Cambridge University Press, number 9780521066310, October.
  7. Lawrence Summers & Chris Carroll, 1987. "Why Is U.S. National Saving So Low?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(2), pages 607-642.
  8. John Y. Campbell, 1991. "A Variance Decomposition for Stock Returns," NBER Working Papers 3246, National Bureau of Economic Research, Inc.
  9. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
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Cited by:
  1. Khemraj, Tarron & Langrin, R. Brian, 2009. "Dynamic interactions of bank assets in two foreign currency constrained economies," MPRA Paper 36620, University Library of Munich, Germany, revised Nov 2010.
  2. Alexiou, Constantinos & Argitis, Georgios, 2005. "Macroeconomic Policy and Unemployment: Empirical Evidence from the Euroland," Review of Applied Economics, Review of Applied Economics, vol. 1(1).
  3. NGUENA, Christian L., 2011. "Heterogeneity of Saving-Investment Causality and Fiscal Coordination Implication: The Case of an African Monetary Union," MPRA Paper 49411, University Library of Munich, Germany, revised 31 Aug 2013.

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