Asia's stockpile of savings remains enormous, and is getting bigger by the year
15 years since Ben Bernanke, then the chairman of the Federal Reserve, argued that a “global saving glut” had fuelled America’s giant current-account deficit. Much has changed since then. The American deficit has shrunk, oil exporters’ surpluses have dwindled and central banks everywhere have dramatically expanded their balance-sheets.
Some countries have also taken steps to make their role in currency markets more transparent. America’s Treasury has welcomed decisions by South Korea and Singapore to start publishing regular data about their interventions. That said, other countries are now intervening more heavily. Vietnam and Thailand have started accumulating foreign-exchange reserves at a rapid clip.
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