And demographic trends similar to those I described under the first force would also have supported saving in some of these countries. As a result, as these nations grew and integrated into the global economy, they brought with them a new, large pool of saving that added to downward pressures on real rates.
Randall S Kroszner: Renomination to the Board Testimony of Mr Randall S Kroszner, Member of the Board of Governors of the US Federal Reserve System, before the Committee on Banking, Housing, and Urban Affairs, US Senate, Washington DC, 2 August 2007.