That encourages exports and depresses spending at home. The result is a high level of net national saving, much of which ends up in central banks’ foreign-exchange reserves.

这就鼓励了出口并削减了本国的消费，同时导致国家储蓄净额升上高位，其中许多部分成为了央行的外汇储备。

youdao

Over-extended households are saving more and paying down debt as they adjust to the shock of seeing their net worth fall by $11 trillion.

当过渡扩张的房主们惊讶地发现自己的净资产缩水了11000亿美元后，他们更多地储蓄并减少债务支出。

youdao

In 2010, the US net national saving rate was zero and its domestic investment rate was only 4%.

而到了2010年，美国的净国民储蓄率为0，而国内投资率仅为4%。

youdao

By definition, the sum of private and government net saving is equal to the external deficit.

ECONOMIST: Living on borrowed time

Arithmetically, higher government saving and a bigger external deficit imply a further fall in private net saving.

ECONOMIST: Living on borrowed time

To explore how the expansion might eventually end, the authors consider a range of possibilities for private net saving.

ECONOMIST: Living on borrowed time