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来源类型Working Paper
规范类型报告
DOI10.3386/w15759
来源IDWorking 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
URLhttps://www.nber.org/papers/w15759
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/573429
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David Laibson,Johanna Mollerstrom. Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis. 2010.
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