Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/109351 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
ADB Economics Working Paper Series No. 158
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
An integral part of global current account imbalances is the large and persistent current account surplus developing Asia has run since the 1997–1998 Asian crisis. A country's current account surplus is, by definition, equal to its net saving. The central objective of this paper is to investigate the extent to which the saving and investment rate of Asian countries can be explained by the underlying fundamental determinants of saving and investment such as gross domestic product growth and demographic factors. Our empirical analysis yields two key findings. First, we find stronger evidence of oversaving than underinvestment in the region. Second, we find stronger evidence of overinvestment prior to the Asian crisis than underinvestment after the Asian crisis. This suggests that the key to rebalancing Asian growth toward domestic sources lies in promoting consumption rather than investment.
Schlagwörter: 
Saving
investment
current account balance
global imbalance
Asia
JEL: 
E21
E22
F32
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Dokumentart: 
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