In this article,authors systematically examine the validity of transformation from savings to investment from several aspects:channel of the transformation,essence and dimensions of savings gap,interior composition of...In this article,authors systematically examine the validity of transformation from savings to investment from several aspects:channel of the transformation,essence and dimensions of savings gap,interior composition of investment,allocation of saving resources in different regions.展开更多
The long-term equilibrium relationship and short-term dynamics between investments and savings are both investigated in this paper. The result of co-integration test reveals that although there exists a positive long-...The long-term equilibrium relationship and short-term dynamics between investments and savings are both investigated in this paper. The result of co-integration test reveals that although there exists a positive long-term relationship between private saving, public saving and investment, the low correlation between private saving and investment is the key reason that restraints the effective formation of investment. A further impulse response function analysis based on the VAR system is used to study the dynamic relation between saving and investment, which demonstrates that an obvious lagged effect exists for the transformation of private to investment. Finally, it’s concluded that a competitive and multi-channels mechanism of capital formation is crucial to transform savings to investments.展开更多
文摘In this article,authors systematically examine the validity of transformation from savings to investment from several aspects:channel of the transformation,essence and dimensions of savings gap,interior composition of investment,allocation of saving resources in different regions.
文摘The long-term equilibrium relationship and short-term dynamics between investments and savings are both investigated in this paper. The result of co-integration test reveals that although there exists a positive long-term relationship between private saving, public saving and investment, the low correlation between private saving and investment is the key reason that restraints the effective formation of investment. A further impulse response function analysis based on the VAR system is used to study the dynamic relation between saving and investment, which demonstrates that an obvious lagged effect exists for the transformation of private to investment. Finally, it’s concluded that a competitive and multi-channels mechanism of capital formation is crucial to transform savings to investments.
