savings relative to pay-as-you go systems. Our results indicate that more wealth should be transferred from the young to the … implicit return on a pay-as-you-go system and the interest rate on savings should be equal to the growth rate of the economy …

-age consumption is financed with voluntary savings, even in the presence of a fairly generous public pension system. This is clearly …

We investigate for Germany the positive correlation between the corporate savings glut in the non-financial corporate … corporate savings and the current account surplus. Private savings shocks, in contrast, cannot explain the correlation. We … conclude that a corporate savings glut is a main driver of the current account surplus. …