|Generate QR code
Open Access
Subscription Access
Global Investment-Saving Balance
https://doi.org/10.32609/0042-8736-2011-6-4-19
Abstract
The article analyzes the investment-saving balance in developed and developing countries and groups of countries. Main determinants of investment and saving decisions of different economic agents are derived from well-known theoretic papers. The analysis of pre-crisis investment-saving balance is performed with a focus on specific role of USA and China in the global financial intermediation system. A crisis shift in US households saving behavior is revealed, and it is treated as an additional source of financing American deficits. Maintenance of high personal saving rate of US households is considered to be the key factor to support post-crisis growth.
About the Authors
L. Grigoriev
National Research University Higher School of Economics; Russian Energy Agency
Russian Federation
Russian Federation
A. Ivashchenko
Lomonosov Moscow State University; Russian Energy Agency
Russian Federation
Russian Federation
References
1. Григорьев Л., Иващенко А. Теория цикла под ударом кризиса // Вопросы экономики. 2010. № 10. С. 31-55
2. Григорьев Л., Салихов М. Место и роль США в международной финансовой системе // США в поисках ответов на вызовы XXI века / Под ред. Э. В. Кириченко. М.: ИМЭМО РАН, 2010.
3. Bernanke B. The Global Saving Glut and the U.S. Current Account Deficit / Sandridge Lecture at Virginia Association of Economics, 2005.
4. Bernanke B., BertautC., DeMarco L. P., Camin S. International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007 // International Finance Discussion Papers. 2011. No 1014.
5. Bosworth B. Saving and Investment in a Global Economy. Wash., DC: Brookings Institution Press, 1993.
6. Dang V. Institutional Determinants of Investments in Transition Economies// Brunel University WP Series. 2009. No 09-33.
7. Eichengreen B. Capital Flows and Crises. Cambridge, MA: The MIT Press, 2003.
8. Feldstein M., Horioka C. Domestic Savings and International Capital Flows // The Economic Journal. 1980. Vol. 90, No 358. P. 314-329.
9. Giannone D., Lenza M. The Feldstein-Horioka Fact // ECB Working Paper Series. 2008. No 873.
10. Kindleberger C. P., Aliber R. Manias, Panics, and Crashes: A History of Financial Crises. L.: Palgrave Macmillan, 2005.
11. Lozaya N., Schmidt-Hebbel K., Servén L. Saving in Developing Countries: An Overview // The World Bank Economic Review. 2000. Vol. 14, No 3. P. 393-414.
12. Schmidt-Hebbel K., Servén L. Saving Across the World / The World Bank. 1997.
13. Schmidt-Hebbel K., Servén L., Solitano A. Saving and Investment: Paradigms, Puzzles, Policies // The World Bank Research Observer. 1996. Vol. 11, No 1. P. 108.
14. World Bank. World Economic Outlook. 2005. Ch. 2.
Review
For citations:
Grigoriev L., Ivashchenko A. Global Investment-Saving Balance. Voprosy Ekonomiki. 2011;(6):4-19. (In Russ.) https://doi.org/10.32609/0042-8736-2011-6-4-19
Views:
900
Email this article 
