Switzerland "exports savings" on the books. But of course most of that is another country's capital flight that has only been laundered in Switzerland. Norway buys foreign securities for the same reason as Kuwait (small oil rich countries trying to prevent distortion of the their non-oil domestic economy).
It is also debatable whether these numbers have any particular economic meaning (although neo-classical economists do think this way). Exporting excess "savings" doesn't necessarily mean anything good (i.e. could simply mean one is exporting "under-consumption"), nor does importing foreign "savings" mean anything bad. To begin with, one should start with the "real" economy and (for example) find out whether there is productive investment ("real" capital) or whether one is borrowing to cover short term consumption (usually by the rich). THEN one looks back at the monetary economy, not confusing financial capital with some "real" physical thing -- these are just credit decisions.
Paul
Marvin G. (and Dennis R.) write:
>Thanks. Not as striking as it first looked, given the smaller universe
>he's comparing to.
>>>Can someone help me out because I may not be understanding something here.
>>>Is it actually the case that Switzerland, Norway, and Sweden, even given
>>>their own thin markets and relatively well off populations, export more
>>>savings (purchase more foreign securities?) than China and other Asian
>>>nations? (I assume the reference to "developing Asia" excludes Japan).
>>
>>If he's talking about the current account surpluses of the non-tiger
>>economies (i.e. Asia minus Japan, S Korea, Taiwan, Hong Kong and
>>Singapore), then he's correct. 2004's current account balances look like
>>this:
>>
>>Norway+Sweden+Switzerland: + $96 billion
>>
>>Japan+Hong Kong+Singapore: + $194 billion
>>South Korea+Taiwan: + $48 billion
>>Rest of East Asia (incl China): + $50 billion
>>
>>The US current account deficit is in a galaxy all its own:
>>
>>USA: - $647 billion
>>
>>(Data: http://www.cia.gov/cia/publications/factbook/fields/2187.html)
>>
>>-- DRR