という主旨の論文をVipin Arora(米エネルギー情報局)、Rod Tyers(西オーストラリア大)、Ying Zhang(同)が書いている。論文のタイトルは「Reconstructing the Savings Glut: The Global Implications of Asian Excess Saving」。 以下はその要旨。 East Asian, and primarily Chinese and Japanese, excess saving has been comparatively large and controversial since the 1980s. That it has contributed to the decline in the global “natural” rate of interest is consistent with Be