G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w11520
来源IDWorking Paper 11520
Savings Gluts and Interest Rates: The Missing Link to Europe
Michael P. Dooley; David Folkerts-Landau; Peter M. Garber
发表日期2005-08-01
出版年2005
语种英语
摘要Data for world savings rates do not suggest that an aggregate glut of world savings has depressed US and international interest rates in recent years. Unusual but offsetting changes in savings rates have been limited to three regions: sharp declines in the US have been matched by sharp increases for developing Asia and the Middle East. The world saving rate has increased very little. There are two important features of this change in regional savings behavior. First, three-quarters of the increase in Asian and Middle Eastern savings has been placed in international reserves. Second, all these additional savings have been absorbed by the United States. Even if reserves are mostly placed initially in the US, we would not expect all the savings exported from these high savings regions to remain in the United States. A collapse of expected profits outside the US seems to us a compelling explanation for the US current account deficit and depressed international interest rates.
主题International Economics ; International Factor Mobility ; International Finance
URLhttps://www.nber.org/papers/w11520
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/569163
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Michael P. Dooley,David Folkerts-Landau,Peter M. Garber. Savings Gluts and Interest Rates: The Missing Link to Europe. 2005.
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