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Theoretical and Applied Economics
No. 7 / 2013 (584)

Saving and economic growth: An empirical analysis for Euro area countries

Elena-Adriana ANDREI
The Bucharest University of Economic Studies
The Bucharest University of Economic Studies

Abstract. The study consists in analysing the long-run relationship between saving and the real economic growth for Euro area countries. By using annual data series and econometric techniques like Johansen co-integration procedure, Granger causality or panel data models, our findings suggest the existence of a unidirectional causality between the two macroeconomic variables; the sense of this connection is from real GDP growth rate to gross national saving rate, with a delay of, at least, four years.

Keywords: economic growth; saving; Granger causality; panel data; Euro area.

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Indirect determinism
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