Otherwise, we risk policy being made on the basis of ideas that no longer hold – or as Keynes famously put it, based on “voices in the air”. 38  Source: ECB calculation based on Cœuré, B. (2013), “Global liquidity and international risk-sharing in the post-crisis environment”.
Speech at the Bank of Korea International Conference 2013 “Assessing Global Liquidity in a Global Framework”, Seoul, 3 June. A correlation between domestic savings and investment can, however also reflect an adjustment to certain shocks in the absence of obstacles to financial integration, see Giannone, D., and M. Lenza (2009), “The Feldstein-Horioka Fact”, NBER Chapters, in: NBER International Seminar on Macroeconomics, pp. 103–117g.