| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15759 |
| 来源ID | Working Paper 15759 |
| Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis | |
| David Laibson; Johanna Mollerstrom | |
| 发表日期 | 2010-02-18 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Bernanke (2005) hypothesized that a "global savings glut" was causing large trade imbalances. However, we show that the global savings rates did not show a robust upward trend during the relevant period. Moreover, if there had been a global savings glut there should have been a large investment boom in the countries that imported capital. Instead, those countries experienced consumption booms. National asset bubbles explain the international imbalances. The bubbles raised consumption, resulting in large trade deficits. In a sample of 18 OECD countries plus China, movements in home prices alone explain half of the variation in trade deficits. |
| 主题 | Macroeconomics ; International Economics ; Financial Economics |
| URL | https://www.nber.org/papers/w15759 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573429 |
| 推荐引用方式 GB/T 7714 | David Laibson,Johanna Mollerstrom. Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15759.pdf（845KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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