A desire to offset this loss of domestic demand, as well as to rebuild their foreign exchange reserves, are likely reasons that authorities in the region intervened to stem upward pressures on their currencies. See Steven B. Kamin (2005), "The Revived Bretton Woods System: Does It Explain Developments in Non-China Developing Asia?"
(253 KB PDF) paper presented at the conference "The Revived Bretton Woods System: A New Paradigm for Asian Development?" held at the Federal Reserve Bank of San Francisco, February 4. 6  Declines in the correlation of investment and saving across countries are documented in Olivier Blanchard and Francesco Giavazzi (2002), "Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle?"