In this paper, it is argued that the observed high positive correlation between national savings and investment which is found in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some empirical findings, is tested in a two-country...

The savings measures of private households currently exceed the limited financing needs of companies around the world, and the difference is reflected in an increase in sovereign debt. In the EU, over the last two and a half decades non-financial corporations recorded funding surpluses in one...

Process of economic transition influences every aspect of economy. Capital formation process in post-socialist countries is very interesting. I check what are the determinants of level of investments during the transition process. I found that despite of high level of accumulation in socialist...

The demographic dividend that contributed substantially to economic growth in developing Asia in the past is dissipating. Population aging affects growth through savings, capital accumulation, labor force participation, and total factor productivity. We examined the impact of aging on those four...

We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy depreciates over time and has a cost in terms of...

Die vergangenen Jahrzehnte waren weltweit durch eine Zunahme der außenwirtschaftlichen Ungleichgewichte gekennzeichnet. Den Leistungsbilanzüberschussländern, insbesondere Deutschland, wird in diesem Zusammenhang zunehmend vorgeworfen, durch zu moderate Lohnsteigerungen wesentlich zum Aufbau...

Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. This paper explores possible shifts in global savings and investment that have led to this fall in the world real interest rate. There are several key findings. First, the authors identify the...