Because emerging economies have relatively weak asset markets, their citizens seek safe haven in advanced-country government bonds. A related theory is that emerging economies’ citizens find it difficult to diversify the huge risk inherent in their fast-growing but volatile environments, and feel particularly vulnerable as a result of weak social safety nets.
另一组学术理论支持伯南克（或为时更早的杜雷（Michael Dooley）、福克尔茨-朗道（David Folkerts-Landau）和加珀（Peter Garber）），将低长期利率归因于新兴经济体重要性的增加，但他们更强调私人储蓄，而非公共储蓄。新兴经济体的资产市场相对较弱，因此其国民转向发达国家政府债券寻找安全港。一个相关的理论是，新兴经济体的国民发现难以分散其快速增长但波动性高的环境所蕴含的巨大风险，社会安全网的不足尤其让他们感到脆弱。因此他们大量储蓄。