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Inequality, saving and global imbalances: A new theory with evidence from OECD and Asian Countries
Xinhua Gu1; Baomin Dong2; Bihong Huang1
2015
Source PublicationWorld Economy
ISSN0378-5920
Volume38Issue:1Pages:110-135
Other Abstract

Global imbalances are attributable to savings deficiency in some economies and savings glut in others. The recent global crisis has triggered widespread social conflict over income inequality. The inequality-saving link has again become a pressing issue needing serious attention. We present a new theory to explain why the link between inequality and saving is negative in OECD countries but positive in emerging Asia. We also offer an econometric analysis of differences in inequality-saving links between those economies. We find that aggressive financial services lead to a negative link by creating income illusion for overconsumption, but imperfect financial markets contribute to a positive link by interacting with industrial policies as part of growth strategies while ignoring liquidity constraints on consumption.

DOIhttps://doi.org/10.1111/twec.12188
URLView the original
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics ; International Relations
WOS SubjectBusiness, Finance ; Economics ; International Relations
WOS IDWOS:000348506900006
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Cited Times [WOS]:9   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionDEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Affiliation1.Faculty of Business Administration, University of Macau, Macao, China
2.School of Economics, Henan University, Kaifeng, Henan, China
First Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Xinhua Gu,Baomin Dong,Bihong Huang. Inequality, saving and global imbalances: A new theory with evidence from OECD and Asian Countries[J]. World Economy,2015,38(1):110-135.
APA Xinhua Gu,Baomin Dong,&Bihong Huang.(2015).Inequality, saving and global imbalances: A new theory with evidence from OECD and Asian Countries.World Economy,38(1),110-135.
MLA Xinhua Gu,et al."Inequality, saving and global imbalances: A new theory with evidence from OECD and Asian Countries".World Economy 38.1(2015):110-135.
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