Global saving glut | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-16

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Global_saving_glut


00:03:56 1 History
00:05:15 2 Cash kings
00:06:54 3 Causes
00:08:12 4 Opportunistic borrowing
00:08:36 4.1 Pension deficit
00:09:47 4.2 Bank-centred governance and non-financial corporations cash holdings
00:10:49 4.3 Policy uncertainty: environmental and health public policies
00:11:34 5 Consequences
00:11:43 5.1 A fall in global real long-term interest rates
00:12:28 5.2 Rising global imbalances with respect to international current account balances
00:13:01 5.3 Low capital expenditure (capex)
00:14:44 5.4 Developing countries became net lenders on capital markets
00:16:20 6 The Lucas paradox
00:18:32 7 Net borrowing must equal net lending
00:19:10 8 Canada
00:22:22 9 Concept of cash hoarding disputed
00:26:05 10 See also
00:26:19 11 Notes



Listening is a more natural way of learning, when compared to reading. Written language only began at around 3200 BC, but spoken language has existed long ago.

Learning by listening is a great way to:
- increases imagination and understanding
- improves your listening skills
- improves your own spoken accent
- learn while on the move
- reduce eye strain

Now learn the vast amount of general knowledge available on Wikipedia through audio (audio article). You could even learn subconsciously by playing the audio while you are sleeping! If you are planning to listen a lot, you could try using a bone conduction headphone, or a standard speaker instead of an earphone.

Listen on Google Assistant through Extra Audio:
https://assistant.google.com/services/invoke/uid/0000001a130b3f91
Other Wikipedia audio articles at:
https://www.youtube.com/results?search_query=wikipedia+tts
Upload your own Wikipedia articles through:
https://github.com/nodef/wikipedia-tts
Speaking Rate: 0.7376245952936001
Voice name: en-AU-Wavenet-D


"I cannot teach anybody anything, I can only make them think."
- Socrates


SUMMARY
=======
A global saving glut (also global savings glut, GSG, cash hoarding, dead cash, dead money, glut of excess intended saving, or shortfall of investment intentions)  is a situation in which desired saving exceeds desired investment.  By 2005 Ben Bernanke, chairman of the Federal Reserve, the central bank of the United States, expressed concern about the "significant increase in the global supply of saving" and its implications for monetary policies, particularly in the United States. Although Bernanke's analyses focused on events in 2003 to 2007 that led to the 2007–2009 financial crisis, regarding GSG countries and the United States, excessive saving by the non-financial corporate sector (NFCS) is an ongoing phenomenon, affecting many countries. Bernanke's "celebrated (if sometimes disputed)" global saving glut (GSG) hypothesis argued that increased capital inflows to the United States from GSG countries were an important reason that U.S. longer-term interest rates from 2003 to 2007 were lower than expected.Alan Greenspan testifying at the Financial Crisis Inquiry Commission in 2010 explained, "Whether it was a glut of excess intended saving, or a shortfall of investment intentions, the result was the same: a fall in global real long-term interest rates and their associated capitalization rates. Asset prices, particularly house prices, in nearly two dozen countries accordingly moved dramatically higher. U.S. house price gains were high by historical standards but no more than average compared to other countries."A 2007 Organisation for Economic Co-operation and Development (OECD) report noted that the "excess of gross saving over fixed investment (i.e. net lending) in the "aggregate OECD corporate sector" had been unusually large since 2002. In a 2006 International Monetary Fund report, it was observed that, "since the bursting of the equity market
bubble in the early 2000s, companies in many industrial countries have moved from their traditional position of borrowing funds to finance their capital expenditures to running financial surpluses that they are now lending to other sectors of the economy". David Wessell in a Wall Street Journal article observed that, "[c]ompanies, which normally borrow other folks’ savings in order to invest, have turned thrifty. Even companies enjoying strong profits and cash flow are building cash hoards, reducing debt and buying back their own shares—instead of making investment bets." Although the hypothesis of excess cash holdings or cash hoarding has been used by the OECD, the International Monetary Fund and the media (Wall Street Journal, Forbes, Canadian Broadcasting Corporation), the concept itself has been disputed and criticized as conceptually flawed in articles and reports published by the Hoover Institute, the Max-Planck Institute and the CATO Institute among others. Ben Bernanke used the phrase "global savings glut" in 2005 linking it to the U.S. current account deficit.In their July 2 ...