We investigate for Germany the positive correlation between the corporate savings glut in the non-financial corporate … suggest that mostly labor market, world demand and financial friction shocks can account for the joint dynamics of excess … corporate savings and the current account surplus. Private savings shocks, in contrast, cannot explain the correlation. We …

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 … inconsistent with either the data, or the alarming simulations of old-age poverty in the years to come. Oldage saving (OAS) schemes …