JOSEF STEINDL 
0APITAI. GAINS, PENSION FUNDS AND THE LOW SAVING RATIO 
IN THE UNITED STATES. 
The data on savmhgi in the U.S. are seen to be seriofcsly 
distorted in the 1980s since employers were reducing 
their contributions to the persion funfis which had been 
overcapitalised on account of big capital gains. Since the 
employerscontributions are a substantial part of savings 
their reduction has reduced the savings ratio sohstdnijably 
without any change in saving habits. Another reason for 
the decline in saving is consumers bnsd&tfing which moves 
proj^cyclically.. The author suggests that realised capital 
feains should be dealt with explicitly n i&' LS Eft!i^account6so 
k 
that misinterpretation could be avoided.