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The saving and investment nexus for China: evidence from cointegration tests

Name: The saving and investment nexus for China: evidence from cointegration tests
Creator: Paresh Kumar Narayan
Keywords: 8. Economic growth, 1. No poverty, 0211 other engineering and technologies, 0202 electrical engineering, electronic engineering, information engineering, 02 engineering and technology

descriptionPublicationkeyboard_double_arrow_right Article , Journal 20 Sep 2005Publisher:Informa UK LimitedJournal:Applied Economics, volume 37, pages 1,979-1,990 (issn: 0003-6846, eissn: 1466-4283,

Authors: Paresh Kumar Narayan;

doi: 10.1080/00036840500278103

The saving and investment nexus for China: evidence from cointegration tests

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Abstract

The saving and investment nexus as postulated by Feldstein and Horioka (FH) (1980) is revisited. The saving investment correlation for China is estimated over the periods 1952-1998 and 1952-1994, the latter culminating in a period of fixed exchange rate regime. Amongst the key results, it is found that saving and investment are correlated for China for both the period of the fixed exchange rate and the entire sample period. With high saving-investment correlation, the results suggest that the Chinese economy is in conformity with the FH hypothesis. This is a valid outcome, for in China capital mobility was fairly restricted over the 1952-1994 period as indicated by the relatively low foreign direct investment.

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