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2 results

  • BUBBLES AND CROWDING-IN OF CAPITAL VIA A SAVINGS GLUT

  • Marten Hillebrand, Tomoo Kikuchi, Masaya Sakuragawa
  • Journal:
    Macroeconomic Dynamics / Volume 22 / Issue 5 / July 2018
    Published online by Cambridge University Press:
    04 July 2017, pp. 1238-1266

  • This paper uncovers a mechanism by which bubbles crowd in capital investment. If capital formation is initially depressed by a binding credit constraint, a bubble triggers a savings glut. Higher returns in a new bubbly equilibrium attract additional savings, which are channeled to expand investment at the extensive margin, leading to permanently higher capital, output, and wages. We demonstrate that crowding-in through this channel is a robust phenomenon that occurs along the entire time path.

  • Forced Saving in China*

  • Richard S. Eckaus
  • Journal:
    The China Quarterly / Volume 217 / March 2014
    Published online by Cambridge University Press:
    16 December 2013, pp. 180-194
    Print publication:
    March 2014

  • The explanation offered here for the high rates of saving in China is that much of the saving has been “forced” in two Benthamite senses. Involuntary saving, the first of Bentham's meanings, includes taxes which finance investment. These have made up more than half of the total savings in China in recent years. There is also forced saving in China in the form of Bentham's second sense, conduced saving, resulting from bank loans which have financed investment. While the existence of a savings glut has been suggested for China, a better characterization would be that it has had a high rate of investment.