This paper investigated the relationship among savings, gross capital formation and economic growth in the Nigeria economy, between 1975 and 2008. The study adopted co-integration and vector error correction model VECM as the estimating technique with special reference to VAR causality test. The result of unit root i.e. stationary test showed that the gross domestic product GDP which is a proxy for growth, savings which is a proxy for gross national savings GNS are both integrated of order two i.e. 1 (2) while capital formation which gross capital formation GCF served as its proxy is integrated of order 1 (1)The findings revealed the existence of long run relationship among the three variables as shown from the co-integration regressions which were characterized by high R square, positive coefficient from all parameter estimates and significant of F values from all the three equations. The vector error correction model, apart from corroborating the strong linkage among the three variables, also showed that GDP has stronger influence on both GNS and GCF than the influence of GNS and GCF have on GDP .Also causality test confirmed the existence of the symbiotic relationship among them since GDP and GCF, GDP and GNS, and GNS and GCF all exhibit bidirectional causality. If the findings of this research work are transformed into policy implementation i.e. proper harmonization of policies on economic variables, development of the real sector of economy, acceleration of the growth of capital formation, grass root mobilization of savings from the surplus sector to deficit sector, it will lead to a sustained long run economic growth.

Do financial development and personal remittances matter in South African economic growth? | BEH: www.beh.pradec.eu -954 -Abstract: This study explores the relationship amongst financial development, remittances and the economic growth of South Africa using quarterly data spanning the period 1995Q01 to 2015Q04. The study used Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) techniques for the unit root test and the variables were found to be stationary at level and at first difference. Findings from the Autoregressive Distributed Lag (ARDL) bound testing approach to co-integration revealed that a long-run relationship exists amongst these variables. Also, the Error Correction Model (ECM) showed that it required a 36% quarterly speed for maladjustment in the model to return equilibrium. This study concluded that the financial development sector should be improved to engender sufficient and adequate performance that would led to an effective impact of a long-run GDP growth. An increase in the gross capital formation that could lead to a long-run decrease in GDP growth should be avoided. Policy makers should formulate policies that could improve financial development in order to enhance the country's economy to reap the potential gain of remittance which could enhance economic growth.JEL Classifications: G18, F43, F65, C32, O16

This paper presents a short-term forecasting model of monthly South African macroeconomic variables to estimate the effects of monetary policy on output growth from a Structural Vector Autoregression ( ) perspective. A set of forecasting experimentations are carried out to evaluate the out-of-sample static and dynamic forecast for the post-apartheid period. We carried out a combined forecast in order to compare the static with dynamic forecasting approach for improving output growth. The findings reveal that money supply is observed to exert a significant positive impact on output growth from about the eighth month. In addition, the dynamic forecasting is observed to have a more robust result and outperforms the static forecasting. It clearly brings out the growth patterns (increase and decrease) and can be justified and recommended to policymakers in calculating or in predicting the outcome of monetary policy actions for future development. However, in order to improve the predictive forecasting accuracy, the study recommends combined forecasting as dynamic forecasting is associated with risk and uncertainty that is central to its prediction and expected reliability.

This study aims to analyze and to compare the effects of various levels of education on the economic growth of some selected countries in Sub-Saharan Africa (SSA) between 1980 and 2015.It is hypothesized in the study that various levels of education have significant positive impacts on the economic growth of some selected sub-Saharan Africa countries over the stated period. Fixed effect Least Square Dummy Variable (LSDV) and a robust version of System Generalized Methods of Moment (SYSGMM) are adopted as model estimating techniques. Results from the LSDV model indicate increasing positive impacts of various levels of education on the economic growth of the thirty selected SSA countries. This trend of significance is corrected in the dynamic model, but with negative effects on the lower levels of education on growth while higher education output which negatively impacted on growth is reversed. The study systematically compares the effects of education on growth when higher education is included and when it is excluded both at the enrolment and output level in the regression model. We found different results at each instance for the various levels. Therefore, the major conclusion of this study is that higher education human capital at the output level appears to be the most significant of all the levels of education. However, this advantage enjoyed by higher education could have been as a result of cumulative effects from other levels of education over time. We, therefore, conclude that higher education should be supported with strong education policy implementation, as this could have a positive impact on SSA economic growth.