Causality in the Saving-Growth Nexus : Empirical Evidence from Five Developed Countries
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Utilizing test procedures based on the notion of control causality and test procedure for superexogeneity, we examine the causal relationship between saving rate and economic growth using the annual time-series data for five developed countries. Our results provide empirical evidence that for four out of five countries economic growth control causes saving, but the reverse is not true. Policy implication of our finding is that since economic growth drives saving rates, rather the other way around, priorities should be given to policies to foster economic growth via raising investment growth and improve efficiency of such investment.
Abstract
Utilizing test procedures based on the notion of control causality and test procedure for superexogeneity, we examine the causal relationship between saving rate and economic growth using the annual time-series data for five developed countries. Our results provide empirical evidence that for four out of five countries economic growth control causes saving, but the reverse is not true. Policy implication of our finding is that since economic growth drives saving rates, rather the other way around, priorities should be given to policies to foster economic growth via raising investment growth and improve efficiency of such investment.
참고문헌 (21)
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