Moreover, the debt overhang (see chart 2) in many developed and in some emerging countries is dead weight on growth and inflation. In many major emerging markets, the slower economic expansion has been primarily noncyclical. Price pressures are wilting under the impact of cumulative demographic trends in many large economies, especially in Europe and Asia. The effect of aging populations so far conforms to theoretical predictions of slower potential growth and lower household savings rates, but in practice, the latter is being offset by the strong desire to save by companies and governments.