The Global Side of the Investment‐Saving Puzzle
重新审视工业国储蓄与投资的正相关之谜，用计量方法分离国家和全球层面的相关性，发现国家层面无长期关系，全球层面则共同波动，说明两者受全球性冲击影响。
In this paper, we reexamine the long‐standing and puzzling correlation between national saving and investment in industrial countries. We apply an econometric methodology that allows us to separate idiosyncratic correlation at the country level from correlation at the global level. In a major break with the existing literature, we find no evidence of a long‐run relationship in the idiosyncratic components of saving and investment. We also find that the global components in saving and investments commove, indicating that they react to shocks of a global nature.