THE SAVINGS-INVESTMENT RELATIONSHIP: COINTEGRATION AND CAUSALITY EVIDENCE FROM UEMOA COUNTRIES

Loesse Jacques Esso · Yaya Keho

31 citations0/0 files storedInternational Journal of Economics and Finance

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Abstract

The relationship between saving and investment has been sharply debated in the empirical literature following the pioneering work of Feldstein and Horioka (1980). This paper contributes to this literature. As opposed to most previous studies, which have used panel estimation methods, we test for cointegration and causality between saving and investment in time-series settings for the UEMOA member countries by using the bounds test for cointegration proposed by Pesaran et al. (2001) and the Granger causality test of Toda and Yamamoto (1995). The results show that domestic saving plays an active role in financing investment in only three countries. For the other four countries, the domestic savings rate and investment rate are not related.

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References

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2013The Relationship between Domestic Savings and Investment: The Feldstein-Horioka Test Using Nigerian Data

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