What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses

This paper analyzes annual accounting data for a sample of 5,000 publicly traded manufacturing firms from Germany, France, Italy, Japan, and the United Kingdom. The analysis uses data from 1997 to 2011 and finds an increasing trend of excess savings (defined as the difference between gross saving an...

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Main Authors: Brufman, Leandro, Martinez, Lisana Belén, Perez Artica, Rodrigo
Format: Article in Journal/Newspaper
Language:English
Published: World Bank
Subjects:
Liquidity
Savings
Investment
Financial contraints
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
Argentina
Perez
artica
Online Access:http://hdl.handle.net/11336/26376
id ftconicet:oai:ri.conicet.gov.ar:11336/26376
record_format openpolar
spelling ftconicet:oai:ri.conicet.gov.ar:11336/26376 2023-10-09T21:49:41+02:00 What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses Brufman, Leandro Martinez, Lisana Belén Perez Artica, Rodrigo application/pdf http://hdl.handle.net/11336/26376 eng eng World Bank info:eu-repo/semantics/altIdentifier/doi/10.1596/1813-9450-6571 info:eu-repo/semantics/altIdentifier/url/https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-6571 http://hdl.handle.net/11336/26376 Brufman, Leandro; Martinez, Lisana Belén; Perez Artica, Rodrigo; What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses; World Bank; Policy Research Working Paper Series; 6571; 8-2013; 1-32 1813-9450 CONICET Digital CONICET info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/2.5/ar/ Liquidity Savings Investment Financial contraints https://purl.org/becyt/ford/5.2 https://purl.org/becyt/ford/5 info:eu-repo/semantics/article info:ar-repo/semantics/artículo info:eu-repo/semantics/publishedVersion ftconicet https://doi.org/10.1596/1813-9450-6571 2023-09-24T19:48:53Z This paper analyzes annual accounting data for a sample of 5,000 publicly traded manufacturing firms from Germany, France, Italy, Japan, and the United Kingdom. The analysis uses data from 1997 to 2011 and finds an increasing trend of excess savings (defined as the difference between gross saving and capital formation) and a gradual decline of gross capital formation. This trend is accompanied by a steady deleveraging process and a decrease in the share of operating assets in total assets. This process is more acute among the more credit constrained, the more volatile, and the less dynamic firms. Fil: Brufman, Leandro. World Bank. Treasury Department; Estados Unidos Fil: Martinez, Lisana Belén. Universitat Rovira I Virgili; España. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina Fil: Perez Artica, Rodrigo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina Article in Journal/Newspaper artica CONICET Digital (Consejo Nacional de Investigaciones Científicas y Técnicas) Argentina Perez ENVELOPE(-69.117,-69.117,-68.517,-68.517)
institution Open Polar
collection CONICET Digital (Consejo Nacional de Investigaciones Científicas y Técnicas)
op_collection_id ftconicet
language English
topic Liquidity
Savings
Investment
Financial contraints
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
spellingShingle Liquidity
Savings
Investment
Financial contraints
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
Brufman, Leandro
Martinez, Lisana Belén
Perez Artica, Rodrigo
What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses
topic_facet Liquidity
Savings
Investment
Financial contraints
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
description This paper analyzes annual accounting data for a sample of 5,000 publicly traded manufacturing firms from Germany, France, Italy, Japan, and the United Kingdom. The analysis uses data from 1997 to 2011 and finds an increasing trend of excess savings (defined as the difference between gross saving and capital formation) and a gradual decline of gross capital formation. This trend is accompanied by a steady deleveraging process and a decrease in the share of operating assets in total assets. This process is more acute among the more credit constrained, the more volatile, and the less dynamic firms. Fil: Brufman, Leandro. World Bank. Treasury Department; Estados Unidos Fil: Martinez, Lisana Belén. Universitat Rovira I Virgili; España. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina Fil: Perez Artica, Rodrigo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
format Article in Journal/Newspaper
author Brufman, Leandro
Martinez, Lisana Belén
Perez Artica, Rodrigo
author_facet Brufman, Leandro
Martinez, Lisana Belén
Perez Artica, Rodrigo
author_sort Brufman, Leandro
title What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses
title_short What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses
title_full What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses
title_fullStr What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses
title_full_unstemmed What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses
title_sort what are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses
publisher World Bank
url http://hdl.handle.net/11336/26376
long_lat ENVELOPE(-69.117,-69.117,-68.517,-68.517)
geographic Argentina
Perez
geographic_facet Argentina
Perez
genre artica
genre_facet artica
op_relation info:eu-repo/semantics/altIdentifier/doi/10.1596/1813-9450-6571
info:eu-repo/semantics/altIdentifier/url/https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-6571
http://hdl.handle.net/11336/26376
Brufman, Leandro; Martinez, Lisana Belén; Perez Artica, Rodrigo; What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses; World Bank; Policy Research Working Paper Series; 6571; 8-2013; 1-32
1813-9450
CONICET Digital
CONICET
op_rights info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
op_doi https://doi.org/10.1596/1813-9450-6571
_version_ 1779312718604402688

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