For example, the more recent, accelerated integration of emerging markets into the global economy may have led to an increase in global savings and, as a result, to a growing demand for financial services and new financial operators. Also, the achievements of peak-savings years by the baby-boom generation might have expanded the pool of resources that need to be intermediated by specialised pension funds.
In fact, the abundance of global savings – whether induced by the globalisation of economic processes or by the aging of a large share of the world population – is indeed one of the explanations advanced for the exceptionally low bond yields recently observed in the U.S. and, to a lesser extent, also in the Euro area.