Some are structural: saving is high globally, especially in Asia but also in Europe, where aging countries like Germany put money aside for retirement. At the same time, the new digital economy is less capital-intensive than the old brick-and-mortar economy.
有多个原因能够解释为何均衡利率可能已经进入负区间。其中一些是机构性原因：全球而言，储蓄率非常高，亚洲尤其如此，欧洲也比较高（德国的个老龄化国家存钱以备退休）。与此同时，新数字经济的资本密集程度不如旧的砖块水泥经济。而所谓的分享经济的崛起可能让这一趋势在未来更加明确。