The liquidation of savings, usually said in reference to private households. – New government borrowing. – Household borrowing: anticipated consumption, sometimes called excess consumption. – In the context of demographic rigidities, also omission of replacement investment in an economy; net investment (the annual addition to the capital stock) may become negative as a result; resources flow instead to consumption. – See home equity loan, hoarding, saving, savings deposits, savings rate, thrift. – Cf. Deutsche Bundesbank Monthly Report of September 2007, p. 52 (correlation between saving and income in Germany).
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