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MONEY MATTERS

No end to global savings glut

It depresses real rate of interest and may limit the extent to which interest rates can rise

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The global savings glut is here to stay and, if anything, is likely to increase further in the foreseeable future.

READERS' reactions to the "three gluts" framework I discussed in a commentary in The Business Times on Aug 22 suggest that the thesis (first formulated by former Federal Reserve chairman Ben Bernanke a decade ago) that a secular global savings glut is largely responsible for low long-term

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