; savings glut ; monetary policy ; policy coordination …

rates in the context of a simple model that takes into account the global external savings equilibrium. The simple model has … interesting implications for how one views the huge US current account deficit and how the emergence of China’s savings surplus … from excess OPEC savings have facilitated the adjustment to the subprime crisis. …

rates in the context of a simple model that takes into account the global external savings equilibrium. The simple model has … interesting implications for how one views the huge US current account deficit and how the emergence of China's savings surplus … from excess OPEC savings have facilitated the adjustment to the subprime crisis …

As an alternative to the present system of intermediation of the German savings surplus, this paper suggests that the … could invest excess German savings globally. Such a DESWF would offer German savers a secure vehicle paying a guaranteed …