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South Asia Economic Journal
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Research Papers

Determinants of Private Saving in South Asia

Rabindra Bhandari

Rabindra Bhandari is with Department of ABEMIS, Westminster College, Fulton, MO 6551, MO, US. Email: rabindra.bhandari{at}Westminster-mo.edu

Dharmendra Dhakal

Dharmendra Dhakal is with Department of Economics & Finance, Tennessee State University Nashville, TN 37203-3401, USA. Email: ddhakal{at}tnstate.edu

Gyan Pradhan

Gyan Pradhan is with Department of ABEMIS, Westminster College, Fulton, MO 65251, USA. Email: pradhang{at}westminster-mo.edu

Kamal P. Upadhyaya

Kamal P. Upadhyaya (corresponding author) is with Department of Economics & Finance, University of New Haven, 300 Boston Post Road, West Haven, CT 06516, USA. Email: Kupadhyaya{at}newhaven.edu

This article examines the determinants of private saving rates in five South Asian nations using annual time series data. An econometric model is developed in which private saving is a function of government expenditures, the money supply, the real interest rate, macroeconomic instability, per capita income growth and two demographic variables. Prior to carrying out the estimations, we test for the stationarity of the data series by carrying out unit root tests. The overall results indicate that government expenditures and past savings have a negative impact on private saving, while the level of financial development and per capita income growth have a positive effect. The degree of urbanization, the real interest rate and the dependency ratio have no noticeable impact on private saving.

Key Words: JEL: O • JEL: E • Saving • South Asia • Unit Root Test • Cointegration • Granger Causality Test

South Asia Economic Journal, Vol. 8, No. 2, 205-217 (2007)
DOI: 10.1177/139156140700800202
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