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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Saving in sub-Saharan Africa: a comparative analysis
Author:Mwega, F.M.ISNI
Year:1997
Periodical:Journal of African Economies
Pages:199-228
Language:English
Geographic term:Subsaharan Africa
Subject:savings
Abstract:During the last three decades, sub-Saharan Africa has experienced a weak growth performance, with saving and investment rates too low to support a sustainable expansion in output, and with the saving-investment gap steadily widening. This paper investigates the factors that influence private saving rates in a sample of less developed countries (LDCs). It then analyses the extent to which the saving behaviour of sub-Saharan African countries is different from that of other LDCs. After controlling for country specific effects, the variables found important in influencing private saving behaviour in sub-Saharan Africa are the dependency ratio, level of per capita income, economic growth, terms of trade growth and the public saving rate. Africa has a larger and more robust per capita income growth effect, while the public saving offset coefficient is smaller than in the other LDCs. There is, therefore, some potential for economic reforms if they increase the public saving rate, hence generating a virtuous circle of increased savings, investment and economic growth, at least in the medium-term. Still, the low economic growth and public savings rates puts sub-Saharan Africa at a relative disadvantage. App., bibliogr., notes.
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