Similarly, household savings ratio for South and for North shown in Table 1 corresponds roughly to the personal savings ratios in EMU core and periphery exhibited in Fig.
Fifth, while the savings ratios under financial autarky generated by the model are roughly in accordance with the empirical facts exhibited in Fig.
It is characteristic of Austrian business cycles that private households have tended to adapt their savings ratios to cushion cyclical fluctuations in disposable income, reducing the savings ratio during an economic downswing and increasing it when the economy recovers [ILLUSTRATION FOR FIGURE 5 OMITTED].
However, the effect was dampened by a fall in the household savings ratio.
Denmark and Norway exhibited their lowest savings ratios in 1986, amounting to -11.
The data are for different time periods that correspond to the falling and rising trends in the savings ratios of the respective countries.
In all leading OECD economies savings ratios
were falling and debt-income ratios rising as people were encouraged to borrow more in order to spend more.
They base their findings on median savings ratios
by age from the 1983 and 1986 Surveys of Consumer Finances.
Average domestic savings ratios
decreased slightly in countries receiving adjustment loans, with somewhat larger declines occurring in the comparator countries over the entire period.
Halifax pointed out that these findings are set against a backdrop of one of the lowest savings ratios
for 40 years.
Mr Santer said Asian economies were very dynamic, had a solid resource base, high savings ratios
, skilled labour and benefited from entrepreneurial dynamism.