摘要：We utilize both the first-difference and the System GMM to estimate a dynamic privatesaving function for 39 Sub-Saharan African Countries. Parsimonious results show that theprivate saving rate is persistent; urbanization ratio, youth dependency ratio, elderdependency ratio, per capita income growth, terms of trade growth, public saving rate,general government consumption, real interest rate, credit to private sector, inflation andcurrent account deficit exert a significant influence on the private saving rate. Apart fromshowing that the economic policy framework should take into account the persistent natureof the private saving rate, there are other policy insights from the estimation of the privatesaving model. There is especially the need to pursue growth-enhancing policies, to broadenthe tax base, to implement trade-enhancing polices, to improve the functioning of thefinancial system and to design polices for prudent management of domestic resources inorder to reduce current account deficits.
关键词：Private Saving; Arellano Bond; System GMM; Gross National Saving;Investment
