Capital Mobility, Saving and Investment Link: Evidence From Sub-Saharan Africa

作者: Douglas Agbetsiafa

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摘要: The saving- investment correlation and its implication for capital mobility across borders has been sharply debated in the literature since pioneering work of Feldstein Horioka (1980). In this paper, debate is extended to six emerging economies Africa using cointegration tests proposed by Johansen Juselius, causality based on an error correction model. results indicate that saving are integrated order one. Furthermore, show two series share a long-run equilibrium association countries, therefore lend support Feldstein-Horioka conclusion long-term not mobile internationally. unidirectional from Ghana, Ivory Coast, Kenya, Nigeria, Zambia, bidirectional South Africa. These have important policy implications, especially these other small open where increases domestic will necessarily translate into higher investment.

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