Omdat opkomende economieën betrekkelijk zwakke aandelenmarkten kennen, zoeken hun burgers hun toevlucht in de staatsobligaties van geavanceerde landen.
Another class of academic theories follows Bernanke (and, even earlier, Michael Dooley, David Folkerts-Landau, and Peter Garber) in attributing low long-term interest rates to the growing importance of emerging economies, but with the major emphasis on private savings rather than public savings.