Why the rate of saving declines when an economy develops?

[[abstract]]In every country that has gone through the process of sustained development, the rates of personal saving always declined. Moreover, such declines have continued for many decades in countries that have experienced a long period of development. In Taiwan, the sign of the decline in personal saving rate has appeared in the late 1980s. This paper uses the state-dependent framework to provide an explanation of why the rate of personal saving declines when a country goes through development processes.[[notice]]補正完畢[[booktype]]紙