Those links came under strain before the crisis, as a global saving glut caused a decoupling of long- and short-term rates.

这些联系在这场危机前受到了压力，这是因为全球储蓄过剩导致了长期利率水平和短期利率水平的脱钩。

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With that in mind, we don't foresee a renewed global saving glut that can bring down rates in this cycle, because both Chinese and US policies are aimed at stimulating domestic demand.

基于这种视角，我们认为，本轮周期中不会再次出现全球性的储蓄过剩、从而推动利率下降，因为中美两国都在实施刺激内需的政策。

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The speech, titled “The Global Saving Glut and the U.S. Current Account Deficit, ” offered a novel explanation for the rapid rise of the U.S. trade deficit in the early 21st century.

这次题为“全球储蓄过剩和美国经常项目赤字”的讲话，为21实际早期美国贸易赤字的迅速激增提供了一种全新的解释。

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It is too plentiful for small economies to spend, and has therefore added to the glut of global saving that is in part responsible for the financial excesses of recent years.

ECONOMIST: Gulf economies

In 2005 Ben Bernanke, now chairman of the Federal Reserve, pointed out that global interest rates were oddly low, suggesting a glut of saving abroad, not a shortfall of saving at home, was responsible for the flow of capital to America.

ECONOMIST: Global imbalances