Are Savings the Determinant of Economic Growth in the D8 Countries?

Öz

Domestic savings play a fundamental role in the economic development of a country as they are the main financing source of domestic investments. Shortage of savings arising out of low level of income especially in underdeveloped countries lead to a few number of investments and inadequate level of employment, production, national revenue and savings. This vicious cycle causes the problem of savings gap for the countries which try to develop economically. Countries having an inadequate level of savings appeal to foreign savings in short term and try to develop policies in order to increase their savings in the long term. This study has been carried out in order to analyze the impact of savings on the economic growth of developing countries. Using the methods of panel data analysis, this study has concluded that domestic savings have a significant and positive impact on economic growth in D-8 sample. This finding indicates that D8 countries should focus on policies that increase their savings rates for high and sustainable growth.

Anahtar Kelimeler

• Saving,Economic Growth,Life-cycle hypothesis,Panel data analysis

D8 Ülkelerinde Tasarruflar Ekonomik Büyümenin Belirleyicisi mi?

Öz

Yurtiçi tasarruflar yurtiçi yatırımların temel finansman kaynağı olması nedeniyle bir ülkenin ekonomik kalkınmasında önemli bir rol oynamaktadır. Özellikle az gelişmiş ülkelerde düşük gelir düzeyinin yol açtığı tasarruf azlığı, yatırımların az olmasına ve devamında istihdamın, üretimin, milli gelirin ve tekrar tasarruf düzeyinin yetersizliğine yol açmaktadır. Bu kısır döngü, ülkelerin ekonomik kalkınmalarını gerçekleştirme noktasında tasarruf açığı sorunu yaşamalarına neden olmaktadır. Tasarrufları yetersiz olan ülkeler kısa vadede yurtdışı tasarruflara başvururken, uzun vadede tasarrufları artıracak politikalar geliştirme çabası içine girerler. Bu çalışmada gelişmekte olan ülkelerin ekonomik büyümesinde tasarrufların etkisini araştırmak amacıyla yapılmıştır. Panel veri analiz yöntemlerinin kullanıldığı çalışmada D-8 örnekleminde yurtiçi tasarrufların ekonomik büyüme üzerinde anlamlı ve pozitif etkisi olduğu sonucuna ulaşılmıştır. Bu bulgu, D8 ülkelerinin yüksek ve sürdürülebilir büyüme için tasarruf oranlarını yükseltici politikalara odaklanmaları gerektiğini işaret etmektedir.

Anahtar Kelimeler

• Tasarruf,Ekonomik Büyüme,Yaşm boyu gelir hipotezi,Panel veri analizi

Kaynakça

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