It is true that savings by emerging economies are one of its determinants, since global real interest rates are determined so as to equate the savings and investment in the global economy. To understand the phenomenon of the global credit bubble, however, gross capital flows are far more important than net capital flows.
For example, the operations taking place on the back of our daily payments and settlements via credit cards, debit cards, or deposit accounts, can be regarded as data processing. Banks provide financial intermediation services through making complicated decisions and assessments on borrowers, interest rates, and assets for investments, by collecting and analyzing various types of data.