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| Tekijä: | Kelly, R. Mavrotas, G. |
| Otsikko: | Savings and financial sector development: panel cointegration evidence from Africa |
| Lehti: | European Journal of Finance
2008 : OCT-DEC, VOL. 14:7-8, p. 563-581 |
| Asiasana: | financial markets savings cointegration Africa models panel data |
| Vapaa asiasana: | financial sector development(FSD) private testing |
| Kieli: | eng |
| Tiivistelmä: | Using different measures of financial sector development (FSD) for a dynamic heterogeneous panel of 17 African countries to examine the impact of FSD on private savings. The author uses an innovative econometric methodology(a series of cointegration tests within a panel). This is an important contribution. Based on the sample,they give empirical evidence vary considerably among countries in the panel,thus highlighting the importance of using different measures of FSD rather than a single indicator. The empirical analysis also suggests that a change in government savings is offset by an opposite change in private savings in most of the countries in the panel, thus confirming the Ricardian equivalence hypothesis. |
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