There are several reasons for this. First, credit that can be, and is, created offshore and through off-balance-sheet SIVs is not captured by national balance-of-payments statistics.&nbsp;In other words, while a “savings” glut may contribute to low interest rates and fuel excess credit creation, it is not the main cause.
造成这一现象的原因是多方面的。首先，信用可以以离岸的形式创造，也可以通过表外SIV创造（事实也正是如此），这些信用不会出现在国民国际收支统计中。换句话说，“储蓄”泛滥可能导致低利率、助长信用的过度创造，但绝非主因。