It can only be how.” (Wolf 1998b) “The evidence now seems clear that any substantial net draft on foreign savings creates huge risks.
For countries with savings rates as high as those of the east Asians such risks hardly seem worth running.” (Wolf 1998a) This last point is taken up by Stiglitz (1998, p. 5): “the East Asian countries, with their high savings rates, may have gotten relatively little additional growth from the surge in capital flows”.