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...
| Main Authors: | , , |
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| Format: | Article in Journal/Newspaper |
| Language: | English |
| Published: |
World Bank
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| Online Access: | http://hdl.handle.net/11336/26376 |
| _version_ | 1821850728292941824 |
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| author | Brufman, Leandro Martinez, Lisana Belén Perez Artica, Rodrigo |
| author_facet | Brufman, Leandro Martinez, Lisana Belén Perez Artica, Rodrigo |
| author_sort | Brufman, Leandro |
| collection | CONICET Digital (Consejo Nacional de Investigaciones Científicas y Técnicas) |
| 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 |
| genre | artica |
| genre_facet | artica |
| geographic | Argentina Perez |
| geographic_facet | Argentina Perez |
| id | ftconicet:oai:ri.conicet.gov.ar:11336/26376 |
| institution | Open Polar |
| language | English |
| long_lat | ENVELOPE(-69.117,-69.117,-68.517,-68.517) |
| op_collection_id | ftconicet |
| op_doi | https://doi.org/10.1596/1813-9450-6571 |
| 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/ |
| publisher | World Bank |
| record_format | openpolar |
| spelling | ftconicet:oai:ri.conicet.gov.ar:11336/26376 2025-01-16T20:56:14+00:00 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) |
| 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 |
| 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_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_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_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 |
| topic | Liquidity Savings Investment Financial contraints https://purl.org/becyt/ford/5.2 https://purl.org/becyt/ford/5 |
| topic_facet | Liquidity Savings Investment Financial contraints https://purl.org/becyt/ford/5.2 https://purl.org/becyt/ford/5 |
| url | http://hdl.handle.net/11336/26376 |