So, despite India's high saving rate, capital available for investment in infrastructure is scant.

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On a microeconomic level, China has a very high household saving rate, accounting for about 25 percent of its GDP.

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Mr Gourinchas doubts that depressing the exchange rate could sustain a high rate of saving for long.

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If share prices plunge, a low personal saving rate provides less of a cushion than a high one.

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Americans are consuming less and saving more--their savings rate hit a 15-year high last month.

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Plus, by saving for certain goals together, you can earn a larger return on a high interest rate.

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The saving rate, some 2.3% in 2007, may have risen as high as 11.5%, says Alan Barrett at ESRI, a Dublin-based research institute.

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