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Global saving glut (also global savings glut, GSG, cash hoarding, dead cash, dead money, glut of excess intended saving, shortfall of investment intentions), describes a situation in which desired saving〔According to (Bernanke 2005 ) national saving is the "sum of saving done by households (for example, through contributions to employer-sponsored pension accounts) and saving done by businesses (in the form of retained earnings) less any budget deficit run by the government (which is a use rather than a source of saving). Government investment in roads or schools, for example, is part of national saving in the national income accounts. National saving is reduced by the government deficit net of government investment, not by the entire government deficit. The difference between domestic investment and national saving is not affected by this qualification, however, as government investment and the implied adjustment to national saving cancel each other out."〕 exceeds desired investment. By 2005 Ben Bernanke, chairman of the Federal Reserve, the central bank of the United States, expressed concern about the "significant increase in the global supply of saving" and its implications for monetary policies, particularly in the United States. Although Bernanke's analyses focused on events in 2003 to 2007 that led to the 2007–2009 financial crisis, regarding GSG countries and the United States, excessive saving by the non-financial corporate sector (NFCS) is an ongoing phenomenon, affecting many countries. Bernanke's "celebrated (if sometimes disputed)" global saving glut (GSG) hypothesis argued that increased capital inflows to the United States from GSG countries〔In his 2011 paper Bernanke defined the GSG countries as "all countries of Asia and the Middle East excluding Japan. This group, although not exhaustive, accounts for the lion's share of investment in the United States by emerging market economies."〕 were an important reason that U.S. longer-term interest rates from 2003 to 2007 were lower than expected. Alan Greenspan testifying at the Financial Crisis Inquiry Commission in 2010 explained, "Whether it was a glut of excess intended saving, or a shortfall of investment intentions, the result was the same: a fall in global real long-term interest rates and their associated capitalization rates. Asset prices, particularly house prices, in nearly two dozen countries accordingly moved dramatically higher. U.S. house price gains were high by historical standards but no more than average compared to other countries." An 2007 Organisation for Economic Co-operation and Development (OECD) report noted that the "excess of gross saving over fixed investment (i.e. net lending) in the "aggregate OECD corporate sector" had been unusually large since 2002. In a 2006 International Monetary Fund report, it was observed that, "since the bursting of the equity market bubble in the early 2000s, companies in many industrial countries have moved from their traditional position of borrowing funds to finance their capital expenditures to running financial surpluses that they are now lending to other sectors of the economy." David Wessell in a Wall Street Journal article observed that, "()ompanies, which normally borrow other folks’ savings in order to invest, have turned thrifty. Even companies enjoying strong profits and cash flow are building cash hoards, reducing debt and buying back their own shares—instead of making investment bets." Although the hypothesis of excess cash holdings or cash hoarding has been used by the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund and the media Wall Street Journal, Forbes, Canadian Broadcasting Corporation, the concept itself has been disputed and criticized as conceptually flawed in articles and reports published by the Hoover Institute, the Max-Planck Institute and the CATO Institute among others. Ben Bernanke used the phrase "global savings glut" in 2005 linking it to the U.S. current account deficit. In their July 2012 report Standard and Poors described the "fragile equilibrium that currently exists in the global corporate credit landscape." U.S. nonfinancial corporate sector NFCS firms continued to hoard a "record amount of cash" with large profitable investment-grade companies and technology and health care industries (with significant amounts of cash overseas), holding most of the wealth. By January 2013, NFCS firms in Europe had over 1 trillion euros of cash on their balance sheets, a record high in nominal terms. ==History== When the equity market bubble burst, in the early 2000s, companies in many industrial countries cut down on borrowing funds to finance their capital expenditures. They began running financial surpluses that they lent to other sectors of the economy. In 2003–2004 the non-financial corporate sector in member nations of the Group of Seven (G-7) held $US 1.3 trillion of corporate excess saving.〔The IMF (2006) report used "cash" to refer refers to "currency and deposits plus short-term securities (including treasury bills, commercial paper, and certificates of deposits)."〕 By 2011 Statistics Canada reported that Canadian business were "sitting on more than $583 billion in Canadian currency and deposits, and more than $276 billion in foreign currency." During and after the Great Recession of the late 2000s levels of economic and policy uncertainty rose dramatically contributing to the depth of the recession and the weakness of the following recovery with many corporations globally and avoiding investments and increasing their cash holdings, in what has been called "liquidity hoarding", "cash hoarding" or "dead cash". 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「global saving glut」の詳細全文を読む スポンサード リンク
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