BEIJING – Ever since the integration of emerging markets into the global economy began in the early 1990’s, three striking trends have emerged: a divergence in private savings rates between the industrialized core and the emerging periphery (the former experiencing a sharp rise, and the latter a steady decline); large global imbalances between the two regions; and a drop in interest rates worldwide. But, while global imbalances have preoccupied many observers, few have sought to explain the divergence in world savings behavior.
发自北京——自从新兴市场在1990年代初整合进全球经济以来出现了三大引人注目的趋势：核心发达工业国与外围新兴国家在个人储蓄率上的分化（前者大幅上升而后者稳步下降）；两个区域之间的巨额全球不平衡；以及全球各地的利率下调。而当全球不平衡状况吸引了许多观察者的目光之时，只有很少人尝试去解释世界各地储蓄模式的分化。