international stage of Chinese reserve accumulation. The record low household savings rate in the past decade was the product of two …

emergence of global imbalances in the 2000s. The record low household savings rate in the past decade was the product of two … borrowing in the 2000s. We present novel disaggregated estimates of the wealth effect on savings. We show that households reduce … active savings in response to gains in financial wealth and increase borrowing with rising housing wealth. Finally, we argue …

"Loanable Funds"-Theorie. Auch Ben Bernankes "Saving Glut"-Theorie basiert auf dieser Sicht. Nach Bernanke hingen die USA zur … sind. Oft ist das genaue Gegenteil wahr: Wirtschafter können nur sparen, wenn andere Wirtschafter einen Kredit aufgenommen … und damit Einkommen gezahlt haben. Das ist auch der Fall für die USA und ihre Handelspartner und Gläubiger: Da Nicht …

by a binding credit constraint, injecting a bubble triggers a savings glut. Higher returns in a new bubbly equilibrium …

intermediaries or sold in a pool with low quality assets. Savings gluts diminish origination incentives because they compress the … borrowing constraints, which results in higher leverage. Thus savings gluts generate financial fragility - the sensitivity of …