Research On The Transformation Of Savings And Investment And Influencing Factors In Member Countries Along The "Belt And Road"

Since 2013,the Belt and Road initiative has received widespread attention in the world and responses from more and more countries and regions,which was proposed by President Xi Jinping in China.Over time,international influence has increased.For more than 6 years,with the proposal and continuous development of the initiative,67 member countries(including China)and more than 130 partner countries and organizations have participated in it.Now,the Belt and Road initiative has become a new driving force for promoting regional economic cooperation and development and new-type economic globalization.However,a large disparity in the economic base and development level existed in the countries along the Belt and Road Initiative.Furthermore,the levels of economic development in the countries along the Belt and Road Initiative are low.Solutions for the problem of economic development are inseparable from the support of capital factors.Capital is the decisive factor in expanding the scale of reproduction in society.A country's capital factors are often determined by its domestic capital formation and international capital flows.Among them,the conversion of domestic savings and investment is a key part of capital formation and flow.The conversion rate of domestic savings and investment determines the ability of domestic savings resources to be converted into the investment to form capital.It also affects the international capital situation to a certain extent.The conversion rate of a country's savings and investment is closely related to national economic development and regional capital flows.To this end,we aim to explore the savings-investment conversion rates and influencing factors from the perspectives of the member countries along the “Belt and Road”.On the one hand,it can improve our understanding on the formation and flow of capital elements in the countries along the “Belt and Road”.On the other hand,it can be a benefit to promote the effective allocation of capital resources in the region and the deep integration of the national market.Furthermore,the results of this study can promote the coordination and development of countries and regional economies,regional integration,and economic globalization.We analyze the issues related to savings-investment conversion in member countries along the Belt and Road Initiative in terms of theoretical analysis and empirical analysis.First,we reviewed related theories in the literature.This study carries out the concept definition and theoretical research on the problems of savings-investment transformation,international capital flow and the factors affecting the savings-investment transformation,using the literature induction method,concept definition and logical deduction method.Then,based on theoretical analysis,a descriptive analysis was made on the current status of the economic development and savings investment in the member countries and area along the Belt and Road Initiative.We developed a variable coefficient panel and error correction model and collected the dataset for 54 countries along the Belt and Road Initiative from 1997 to 2017.We implement this modeling approach to do a quantitative description on the rate of domestic savings and investment conversion and international capital flows at the whole area,continent,and country scale.Further,we compare the rate of savings and investment conversion and capital flows of member countries along the Belt and Road Initiative.Then,we put forward hypotheses on influencing factors of savings and investment conversion rates in the member countries along the Belt and Road Initiative on a basis of theoretical analysis,empirical results at various levels and comparative analysis.This paper constructs an index system and regression model to conduct an empirical test on relevant factor indicators.This paper built an index system to conduct an empirical test on the relevant factors of the regression model.Based on this,combined with the current status of regional development along the “Belt and Road”,corresponding policy recommendations are proposed.Finally,it summarizes the research conclusions and makes research prospects.Finally,we summarize the research conclusions on the status of regional development along the Belt and Road Initiative and make research prospects on a policy recommendation.The main results of this study are as follow:(1)there is insufficient investment demand and insufficient utilization of savings resources in member countries along the Belt and Road Initiative.(2)The overall rate of savings and investment conversion and capital flow in the member countries and regions along the Belt and Road Initiative are relatively low.(3)The regional difference in the rate of savings and investment conversion capital flows is existing among the various blocks in the area along the Belt and Road Initiative.(4)The savings and investment conversion rates of member countries along the “Belt and Road” are low.This phenomenon cannot be fully explained by international capital flows.(5)The scale of the country,the extent of education of citizens,and the level of financial market development are the influencing factors of the rate of savings and investment conversion of member countries along the Belt and Road Initiative,which all have a positive impact with the rate of savings and investment conversion.The novelty of this study is to analyze the relevant issues about the rate of savings and investment conversion on the perspective of the member countries along the Belt and Road Initiative at multiple scales.Besides,we also comprehensively analyze the influencing factors of the rate of savings and investment conversion in the member countries along the Belt and Road Initiative.