asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the … the particular savings hypothesis. However, if savings out of capital income are substantial so that a certain threshold …

for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal … efficiency of investment as well as to declining fixed capital investment due to digitalization (secular stagnation). In contrast … stimulate growth. This paralyzed investment and growth in the long term. We show that the ability of banks to extend credit ex …

process related to World War II. We find sustainability over the entire period. However, splitting the sample into two sub …-samples before and after World War II, the results do much less support sustainability. Finally, applying the tax smoothing model of …