ABSTRACT

The study examines the relationship between savings and economic growth in South Africa for the period 1986–2018. The Johansen cointegration technique and the Vector Error Correction Model were employed as methods of analysis. The findings from the study indicate that the effect of savings on economic growth in South Africa is negative . However, a positive relationship between the two variables was established in the short-run. Granger causality tests were also utilised to determine the direction of causality between savings and economic growth. The results revealed that the relationship runs from economic growth to gross domestic savings. Another important observation from the study is the role of investment which was found to have a positive effect on economic growth. This result also supports the idea of promoting investment if the country is to achieve sustainable economic growth.

摘要

该研究考察了 1986 年至 2018 年期间南非储蓄与经济增长之间的关系。Johansen 协整技术和向量误差校正模型被用作分析方法。研究结果表明，储蓄对南非经济增长的影响是负面的。然而，在短期内，这两个变量之间建立了正相关关系。格兰杰因果检验也被用来确定储蓄和经济增长之间的因果关系方向。结果表明，这种关系从经济增长到国内储蓄总额。该研究的另一个重要观察结果是投资对经济增长产生积极影响的作用。