Saving, growth, and investment: A macroeconomic analysis using a panel of countries

This paper provides a descriptive analysis of the long- and short-run corre lations among saving, investment, and growth rates for 123 countries over t he period 1961-94. Three results are robust across data sets and estimation methods: i) lagges saving rates are positively related to investment rates ; ii) investment rates Granger cause growth rates with a negative sign; iii ) growth rates Granger-cause investment with a positive sign.