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Savings and Development

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The paper examines the trend in private savings in Morocco in the presence of financial sector development by utilizing a cointegration and error-correction modeling framework. Specifically, the hypothesis that there is stable relationship between the level of private savings and its determinants including a measure of financial reform is investigated. The statistical results provide evidence in favor of a long-run relationship between private savings and most of its determinants. More importantly, the financial reform index, as measured by financial depth, is found to have a positive impact on the level of private savings. This indicates that the financial reform program has tentatively improved resource allocation in Morocco and with the availability of a greater range of savings instruments, with positive real returns, private savings has increased.


Published version. Savings and Development, Vol. 27, No. 2 (July 2003): 135-160. Permalink. © Universita Degli Studi di Bergamo 2003. Used with permission.

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