reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for …. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce …

Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist … introduces the chapters comprising the NBER volume Capitalizing China (Fan and Morck, eds. 2012), which examine China's high … consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries …

, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period … of rapid and significant aging requiring major fiscal adjustments.In previous studies that excluded China we predicted …, reducing real wages per unit of human capital. Adding China to the model dramatically alters this prediction. Even though China …

We employ a model of precautionary saving to study why household saving rates are so high in China and so low in the US … components. This decomposition indicates that over 80 percent of China's saving rate and nearly all of the US saving arises from …. The use of recursive preferences gives a convenient decomposition of saving into precautionary and non precautionary …

National saving rates differ enormously across developed countries. But these differences obscure a common trend …

transfers, and saving in achieving risk sharing during the recent European crisis. We focus on the sub-periods 1990-2007, 2008 … sharing from saving into contributions from government and private saving and show that fiscal austerity programs played an …

This paper uses a quasi natural experiment to explore how financial education changes savings, investment, and consumer …

technology of private investment. Government policies that discourage saving might make the Schumpeterian vision of a shift from … sharp decline in the net national saving rate-from over 8% of GDP in the U.S. in the 1970s to only 4.5% in the 1980s & from …

It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on … investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 … percentage points lower during 1998-2012 than its average level in the decade before the crisis; if China and India are excluded …