World Savings is the first book to analyze both theoretically and empirically the imbalance in worldwide savings rates. Why is the savings rate in Japan so much higher than in the US? For what reasons does savings behaviour in Europe fall between these two extremes? These basic questions are tackled by experts from throughout the world in a series of wide-ranging surveys. Following an introduction by Nobel Laureate F. Modigliani, the theoretical background is provided at the macroeconomic level by W.H. Buiter and at the microeconomic level by B. Kauffmann. The empirical insights are presented by L. Lau for the United States, Ch. Horioka for Japan, J.-P Fitoussi for Europe and B. Ickes for Eastern Europe. The concluding chapters analyze the relevant taxation issues and offer an outline of a worldwide savings policy. The book will be essential reading for policy makers and professional economists working in macroeconomics, monetary economics and public finance. World Savings is published in association with the Nederlandse Spaarbankbond.
Arnold Heertje is Professor of Economics at the University of Amsterdam. He has written on the economics of technical change, Schumpeterian economics, welfare economics and the history of economic thought.