; hypothesis), (ii) preference shocks (quot;savings glutquot; hypothesis), and (iii) investment shocks (quot;investment droughtquot … part of the variation in imbalances and financial market prices. We find that savings shocks and investment shocks explain … imbalances in the US and emerging Asia than a quot;savings glutquot …

In recent years there has been considerable variation in savings patterns across countries and regions, with … at the empirical drivers behind these trends. It uses a reduced-form model that relates private savings to an asset of … savings in these economies. Looking ahead, the prospective population aging is likely to lead to a considerable fall in saving …

investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving …

We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across … heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns …

their investment more after the crisis. This negative effect is stronger for firms linked to weak banks with exposures to … corporate investment …