And since the middle of last year the improvement in credit cost conditions is no longer limited to the largest and financially soundest corporations. The contraction in lending to non-financial corporations has nearly ceased.
Those who emphasize the role of low U.S. saving often go on to conclude that, for the most part, the U.S. current account deficit is "made in the U.S.A." and is independent (to a first approximation) of developments in other parts of the globe.