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"Abstract:AnnotationIf the financial crisis has taught us anything, it is that Americans save too little, spend too much, and borrow excessively. What can we learn from East Asian and European countries that have fostered enduring cultures of thrift over the past two centuries? "Beyond Our Means" tells for the first time how other nations aggressively encouraged their citizens to save by means of special savings institutions and savings campaigns. The U.S. government, meanwhile, promoted mass consumption and reliance on credit, culminating in the global financial meltdown. Many economists believe people save according to universally rational calculations, saving the most in their middle years as they plan for retirement, and saving the least in welfare states. In reality, Europeans save at high rates despite generous welfare programs and aging populations. Americans save little, despite weaker social safety nets and a younger population. Tracing the development of such behaviors across three continents from the nineteenth century to today, this book highlights the role of institutions and moral suasion in shaping habits of saving and spending. It shows how the encouragement of thrift was not a relic of indigenous traditions but a modern movement to confront rising consumption. Around the world, messages to save and spend wisely confronted citizens everywhere--in schools, magazines, and novels. At the same time, in America, businesses and government normalized practices of living beyond one's means. Transnational history at its most compelling, "Beyond Our Means" reveals why some nations save so much and others so little."

"As major developing countries have limited domestic saving to generate capital accumulation, capital inflow plays substantial role to provide external financing. Several landmark literatures provide an empirical evidence that capital inflow contributed to the acceleration of economic growth through technology transfer, enhanced innovation, and capital accumulation. This research examines the role of capital inflow for the case of Indonesia using saving-investment relationship with quarterly data from 2000 to 2018. This study is comprised of three parts to measure the pattern of capital inflow in overall period, pre-global financial crisis, and post-crisis. Building on previous literature, this study will contribute to fill the gaps in existing literatures by employing error correction model (ECM) based on saving-investment framework of Feldstein-Horioka. This study found that over the whole sample period and post-crisis, both domestic saving and national saving in short-run, established low significant coefficient which signify high capital mobility, while in the long-run, domestic investment and saving have one-to-one relationship, which does not necessarily imply low capital mobility. The result on the pre-crisis period suggested that domestic saving and domestic investment is not statistically correlated for both short-run and long-run as there is not enough evidence to reject null hypothesis. This study confirms the growth theory model that suggests saving will be equal to investment in the steady state condition and the imbalance of saving and investment will be only transitory. "