Dhanasekaran (2010) examines the causal relationship between gross domestic product and savings using annual data in India between 1950-51 and 2002-03. In his investigation, he adopts cointegration and causality models that allude to the presence of a stable long-run relationship between both variables. Having verified that GDP and savings are cointegrated, the Granger test was implemented in pursuit of indicating the absence of any causal relationship between both variables.

Kim’s (2010) study explores internal and external determinants that could affect personal savings in the United States using time series data between 1950 and 2007. The findings reveal that personal savings is highly dependent on personal income, tax, bank credit and employment, while the dependency ratio, current real estate loan, real interest rate, and status of economic performance are indeterminate.

Agrawal and Sahoo (2009) estimate the long-run total and private savings functions for Bangladesh using annual data during 1975 - 2004. They find that the total savings rate is mainly determined by GDP growth rate, dependency ratio, interest rates, and bank density. Additionally, the private savings rate is also affected by the public savings rate. The Granger Causality test pointed to a bi-directional causality between savings and growth. They also carry out the Forecast Error Variance Decomposition (FEVD) analysis using the Vector Auto Regression framework. The FEVD is consistent with the causality results obtained using the Granger Causality tests as well as the estimated savings functions.

Slami and Sheikhy (2008) examine the behavior of household savings in Algeria from 1970-2005; they tested several models using the Least Squares method. The following models were tested: the classical model, Keynesian model, relative income model, permanent income model, life cycle model, and Taylor model. They find that the permanent income model most accurately explains the saving behavior of an individual in Algeria. According to this model, previous savings and current available income determine savings behavior.

Nwachukwu and Egwaikhide (2007) examine the determinants of private saving in Nigeria. Their study re-estimates Nigeria’s saving function using ECM and annual data from 1970-2005. In addition, the study compared the estimation results of ECM with those of three conventional models: Partial-Adjustment, Growth Rate and Static Models. The conclusion was that the ECM performed far better than the other models. Moreover, the results revealed that the savings rate is positively correlated with the level of disposable income but negatively correlated with the rate of growth of disposable income. The real interest rate on bank deposits has a significant negative impact while public savings appears not to crowd out private savings. Therefore, the Ricardian Equivalence does not hold in the case of Nigeria, in contrast to industrialized and semiindustrialized economies. Furthermore, external terms of trade, inflation rate, and external debt service ratio appear to have a positive impact on private saving.

ElBassam (2005) estimates a model that analyzes household savings in Saudi Arabia from 19702002. A partial adjustment model of Koyck type was utilized to analyze the behavior of household savings in Saudi Arabia. The estimated model of this study indicates that the income, wealth, and financial development variables are statistically significant, while the other variables (inflation, Dollar interest rate, and financial intermediation) are found statistically insignificant. Furthermore, it suggested that the Gulf crisis had an effect on household savings behavior in Saudi Arabia.

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