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Both private and state-owned firms are flush with cash, so their saving has risen sharply.
Mr Kuijs calculates that total household saving has risen from 21% of GDP in 1998 to 24% in 2008.
While corporate saving has risen, household saving in many places has fallen, thanks both to demographics and to government efforts to boost consumption.
That is why Japanese and South Korean firms, two of the world's biggest hoarders, need to be cajoled into parting with their cash.Corporate saving has risen across the rich world in recent years.
If share prices plunge, a low personal saving rate provides less of a cushion than a high one.Nor does the fact that overall domestic saving has risen mean that we can all sleep soundly.
Household saving has risen to about 5 percent of disposable income, far above the 2005 low of 1.2 percent but far short of the 1970-2000 average of 8 percent.
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By the second quarter of 2009 their saving had risen to 5% of disposable income.
Until recently India's investment splurge has mostly been covered by domestic savings: as a share of GDP, savings have risen from 28% in 2003-04 to 35.5% last year.
The data there show that the corporate share of private savings has since dipped a bit, in part because household savings have risen, although it remains high in absolute terms.
The household saving rate has risen to 3.6% of disposable income after being negative in 2007.
Although the saving rate has risen, Americans have continued to spend by tapping into housing wealth through mortgage refinancing.
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