The time series show that this round of low savings and high consumption in the US commenced in mid-1990s. In contrast, the savings ratio of East Asian countries only surged after the Asian financial crisis and China's savings ratios did not begin to increase until 2002. The difference in time distribution indicates that there is no significant causal relationship between the two. VI.
Lael Brainard: "Fed Listens" in Richmond - how does monetary policy affect your community? Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, at the Federal Reserve Bank of Richmond, Richmond Community Listening Session, Richmond, Virginia, 8 May 2019. * * * It is good to be here in Richmond today.