文章基本信息

标题：INVESTMENT AND ECONOMIC GROWTH
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作者：Anwer, Muhammad Sarfraz ; Sampath, Rajan K.
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：1999
期号：SUPPL
出版社：Food Distribution Research Society
摘要：We used unit root and cointegration techniques to determine the long run relationshipbetween GDP and investment for 90 countries using data from World Bank for the pe-riod 1960-1992. In the first step of our analysis we found GDP and investment inte-grated of different orders for 33 countries. Second step of our analysis shows no coin-tegration between GDP and investment for 25 countries and cointegration for 25 coun-tries with both variables of order I(1). The other 7 countries with both variables of or-der I(0) are in long run relation and do not need cointegration test. To determine thedirection of causal effect between GDP and investment we used Granger causality testas the third step of our analysis. We found causality in the short run for 15 countriesand in the long run for 23 countries. Bi-directional causality is found for 10, unidirec-tional causality from GDP to investment for 18 and from investment to GDP for 10countries. The causality from GDP to investment is positive for 11 countries and frominvestment to GDP for 6 countries. Bi-directional causality is mostly positive betweenthe two variables.