The primary concern of this study is to investigate the relationship between savings and investment in Korea. In our research we employ causality and cointegration based tests. Engle-Granger 2 stage cointegration test shows significant. Additionally, we employ multi-cointegration tests to investigate deeper cointegration capturing cumulative current account properties. However, there is no relationships. We find the relationship from savings to investment through causality test. And Non-linearity test shows the existence of non-linearity. Thus we employ alternative method to examine the multi-cointegration, which as been proposed by Engsted et al.(1997), and reveal the relationships from savings to investment. The implication of these procedure implies it is necessary alternative theoretical and empirical specifications for savings and investment investigation in future researches.
Ⅱ. 실증분석 모형
Ⅲ. 실증분석 결과