ABSTRACT The savings-development nexus is a topical issue in current development literature. No study has yet explored this relationship in nineteenth-century ‘South African’ colonies. An historical analysis of the development of the savings’ trends in South Africa may assist in understanding development trends in the twentieth century. Apart from general descriptions of the nature of economic activity in the Cape Colony very little is known about the role of savings and financial sector development in the growing colonial economy. This paper describes and surveys the nature of financial markets in the Cape Colony between 1850 and 1909 and seeks to explain the relationship between savings and economic growth. Savings is defined in the broad sense of monetary and non-monetary savings and would be assumed to be a proxy for financial development in the Cape Colony. This paper contributes to the economic history literature on the colonial past of South Africa by using recently compiled data on the GDP (Greyling & Verhoef 2015) as well as monetary savings and non-monetary savings (livestock) to test whether the general view that ‘financial development is robustly growth promoting’ can be substantiated in the last half of the nineteenth-century Cape Colony. The Johansen vector error correction model technique is applied to determine the relationship between savings and economic growth. It is found that despite the expectations in the literature that financial deepening contributes to economic growth, the Cape Colony did not display such causal relationship in the period under review.

中文翻译：

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储蓄与经济增长：对开普殖民地经济的历史分析，1850-1909年

摘要储蓄与发展之间的关系是当前发展文献中的一个热门话题。尚无研究在19世纪的“南非”殖民地中探讨这种关系。对南非储蓄趋势的发展进行历史分析可能有助于理解二十世纪的发展趋势。除了对开普殖民地经济活动性质的一般描述之外，对于储蓄和金融部门发展在不断发展的殖民地经济中的作用知之甚少。本文描述并调查了1850至1909年间开普殖民地金融市场的性质，并试图解释储蓄与经济增长之间的关系。储蓄是广义上的货币和非货币储蓄定义，将被认为是开普殖民地金融发展的代表。本文通过使用最近汇编的GDP数据（Greyling和Verhoef，2015年）以及货币储蓄和非货币储蓄（畜牧业）数据来检验一般观点是否为“在十九世纪的开普殖民地的后半期，可以证明金融发展在大力促进增长。Johansen向量误差校正模型技术可用于确定储蓄与经济增长之间的关系。发现尽管有文献期望金融的深化有助于经济增长，