US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income … shock is transmitted abroad as an increase in the US current account. Positive shocks to US savings generate current account … deficits and increases in investment in other countries in the world. We cannot reject that the shock is uniformly transmitted …

US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income … shock is transmitted abroad as an increase in the US current account. Positive shocks to US savings generate current account … deficits and increases in investment in other countries in the world. We cannot reject that the shock is uniformly transmitted …

) preference shocks ("savings glutʺ hypothesis), and (iii) investment shocks ("investment droughtʺ hypothesis). In order to … imbalances and financial market prices. We find that savings shocks and investment shocks explain less of the variation. Hence, a … "savings glutʺ. …

reduce their investment. This is the "Loanable Funds" theory. Ben Bernanke's "Global Saving Glut" thesis is based on this … "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 …

; hypothesis), (ii) preference shocks (quot;savings glutquot; hypothesis), and (iii) investment shocks (quot;investment droughtquot … part of the variation in imbalances and financial market prices. We find that savings shocks and investment shocks explain … imbalances in the US and emerging Asia than a quot;savings glutquot …