Political instability and savings in less developed countries: Evidence from Sub‐Saharan Africa
使用四方程模型研究政治不稳定对撒哈拉以南非洲储蓄率的影响，发现政治不稳定直接和通过减少投资与经济增长间接降低储蓄率，且经济因素不能单独解释发展过程。
A four‐equation model is used to investigate the effects of political instability (PI) on the savings rate in Sub‐Saharan Africa. Utilising a comprehensive measure of PI, we find that political instability has a deleterious effect on the savings rate both directly and indirectly through a reduction in investment and economic growth. The negative effects of PI on savings rate occurs contemporaneously as well as with a lag. We also find that economic growth has a stabilising effect on the political system and that not accounting for these effects through a simultaneous equations model results in biased coefficient estimates. These relationships are robust with respect to model specification. The implication of our results is that ‘economic factors’ alone cannot explain the development process in Less Developed Countries.