**Appendix**

#### **Figure 1.**

*Consumption,consumer income, wealth and saving over the life cycle.*


#### **Table 1.** *Descriptive statistics variables.*


*Note: The null hypothesis for the ADF test is that the series are non-stationary i.e. there is presence of unit root. The values in the table indicate the p-values of this test. Using the Phillips-Perron test, the results were the same. \* and \*\*denotes that the null hypothesis of unit root is rejected at the 5% level and 10% level respectively.*

#### **Table 2.**

*Unit root test of ADF.*


#### **Table 3.**

*Choice of the lag number of VAR (p) process.*

*The Life Cycle Hypothesis and Uncertainty: Analyzing Aging Savings Relationship in Tunisia DOI: http://dx.doi.org/10.5772/intechopen.100459*





**Table 4.**

*SVAR estimates results for the four alternatives.*


*The Life Cycle Hypothesis and Uncertainty: Analyzing Aging Savings Relationship in Tunisia DOI: http://dx.doi.org/10.5772/intechopen.100459*


*Notes: Cholesky ordering follow that of the four alternatives. The second column (S.E) shows the forecast error of the variable at the given forecast horizon. The source of this forecast error is the variation in the current and future values of the innovations to each endogenous variable in the VAR. The other columns give the percentage of the forecast variance due to each innovation.*

#### **Table 5.**

*Variance decomposition of saving rates (Cholesky ordering).*


#### **Table 6.**

*Variance decomposition of economic growth to saving rates.*
