savings ("excess savings") and a small but persistent current account deficit (a slow-motion "twin deficit"). These patterns …

We provide a simple framework connecting the distribution of excess savings across households to the dynamics of … aggregate demand. Deficit-financed fiscal transfers generate excess savings. The poorest households with the highest MPCs spend … down their excess savings the fastest, increasing other households' incomes and their excess savings. This leads to a long …

rate. So a rise will be driven by higher household savings of the coming years as the two primary forces that depressed … savings in recent years are reversed: the exceptionally rapid rise in household wealth and the high level of mortgage …

Data for world savings rates do not suggest that an aggregate glut of world savings has depressed US and international … interest rates in recent years. Unusual but offsetting changes in savings rates have been limited to three regions: sharp … increased very little. There are two important features of this change in regional savings behavior. First, three-quarters of …

existing studies, we analyze the sources and causes of China's high and rising saving rates in the government, corporate, and … household sectors. Although the causes of China's high saving are complex, we suggest that the evolving economic, demographic …

The high and rising household savings rate in China is not easily reconciled with the traditional explanations that … new competitive saving motive: As the sex ratio rises, Chinese parents with a son raise their savings in a competitive … manner in order to improve their son's relative attractiveness for marriage. The pressure on savings spills over to other …