The purpose of this research paper is to provide empirical evidence regarding savings and growth relationship in … seventeen African countries using an annual data spanning 1960 to 2000. We investigate the causal links between savings and … evidence from descriptive statistics shows that the response by savings to rising or falling in real GDP are not uniform across …

conclude that financing growth and investment out of foreign savings, while not impossible, is risky. …A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using … important than private finance, we also identify a number of episodes where a substantial fraction of domestic investment was …

investment was financed via private capital inflows. That said, foreign savings are not a good substitute for domestic savings … concludes that financing growth and investment out of foreign savings, while not impossible, is risky. …A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using …