Understanding global imbalances
Abstract: Two contemporary issues provide reason to focus on national saving and investment: the debate over public pensions, and pensions more generally, in all rich countries; and the large global current account imbalances, conceptually the difference between national savings and domestic investment. Are we all saving enough to provide adequate retirement income for rapidly ageing populations ? especially Americans, whose household savings seems to have disappeared altogether in 2005? And are the countries with large external deficits ? notably the United States ? mortgaging the income of future generations inappropriately, not to mention courting financial calamity in the meantime?
Status: Published in Global imbalances: as giants evolve (2006: June 14-16)
File(s): File format is application/pdf http://www.bostonfed.org/economic/conf/conf51/papers/cooper.pdf
Provider: Federal Reserve Bank of Boston
Part of Series: Conference Series ; [Proceedings]
Publication Date: 2006