A Theory of the Competitive Saving Motive
---- Acknowledgements ----
This research is supported by U.S. National Science Foundation grant SES-1024574, which we gratefully acknowledge. The paper is a substantial revision and expansion of a previous paper, circulated under the title, "a sexually unbalanced model of current account imbalances." We thank Stefania Albanesi, V. Bhaskar, Pierre-Andre Chiappori, Ed Hopkins, Aloysius Siow, and especially Xiaobo Zhang, and seminar participants at the University of California-Berkeley, Columbia University, Ohio State University, IMF, World Bank, University of Washington, Hong Kong University and Chinese University of Hong Kong for very helpful discussions, and Nikhil Patel and Joy Glazener for proofreading. All errors are our responsibilities. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.