This paper explores the connections between the shift of world saving toward OPEC and the changing structure of U … become more interdependent through trade with the newly industrializing countries (NICs) in the developing world. The shift … of world saving toward OPEC in the 1970s effectively internationalized the supply of saving, as OPEC places its surplus …

for the U.S. and the rest of the world (ROW). We investigate the implications of a significant increase in U.S. light …