Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies
We document a persistent increase in excess savings (defined as the difference between gross savings and capital formation) and a steady decline of gross capital formation in a sample of non-financial firms from developed countries. These patterns developed even before the financial breakdown of 200...
| Published in: | Comparative Economic Studies |
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| Main Authors: | , , |
| Format: | Article in Journal/Newspaper |
| Language: | English |
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Palgrave Macmillan Ltd
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| Online Access: | http://hdl.handle.net/11336/52323 |
| _version_ | 1821850732228247552 |
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| author | Perez Artica, Rodrigo Brufman, Leandro Martinez, Lisana Belén |
| author_facet | Perez Artica, Rodrigo Brufman, Leandro Martinez, Lisana Belén |
| author_sort | Perez Artica, Rodrigo |
| collection | CONICET Digital (Consejo Nacional de Investigaciones Científicas y Técnicas) |
| container_issue | 1 |
| container_start_page | 77 |
| container_title | Comparative Economic Studies |
| container_volume | 59 |
| description | We document a persistent increase in excess savings (defined as the difference between gross savings and capital formation) and a steady decline of gross capital formation in a sample of non-financial firms from developed countries. These patterns developed even before the financial breakdown of 2007 reinforcing the case for a secular stagnation hypothesis. They go along with a deleveraging process and a decrease in the share of operating assets in total assets. We discuss three possible explanations for this long-term behavior: financial constraints, operative volatility, and the weakening of business dynamism itself. 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 Fil: Brufman, Leandro. 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 Fil: Martinez, Lisana Belén. 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:11336/52323 |
| institution | Open Polar |
| language | English |
| long_lat | ENVELOPE(-69.117,-69.117,-68.517,-68.517) |
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| op_container_end_page | 106 |
| op_doi | https://doi.org/10.1057/s41294-016-0016-y |
| op_relation | info:eu-repo/semantics/altIdentifier/doi/10.1057/s41294-016-0016-y info:eu-repo/semantics/altIdentifier/url/https://link.springer.com/article/10.1057%2Fs41294-016-0016-y http://hdl.handle.net/11336/52323 CONICET Digital CONICET |
| op_rights | info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/2.5/ar/ |
| publisher | Palgrave Macmillan Ltd |
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| spelling | ftconicet:oai:ri.conicet.gov.ar:11336/52323 2025-01-16T20:56:15+00:00 Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies Perez Artica, Rodrigo Brufman, Leandro Martinez, Lisana Belén application/pdf http://hdl.handle.net/11336/52323 eng eng Palgrave Macmillan Ltd info:eu-repo/semantics/altIdentifier/doi/10.1057/s41294-016-0016-y info:eu-repo/semantics/altIdentifier/url/https://link.springer.com/article/10.1057%2Fs41294-016-0016-y http://hdl.handle.net/11336/52323 CONICET Digital CONICET info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/2.5/ar/ Investment Savings Secular Stagnation 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/10.1057/s41294-016-0016-y 2024-10-04T09:34:03Z We document a persistent increase in excess savings (defined as the difference between gross savings and capital formation) and a steady decline of gross capital formation in a sample of non-financial firms from developed countries. These patterns developed even before the financial breakdown of 2007 reinforcing the case for a secular stagnation hypothesis. They go along with a deleveraging process and a decrease in the share of operating assets in total assets. We discuss three possible explanations for this long-term behavior: financial constraints, operative volatility, and the weakening of business dynamism itself. 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 Fil: Brufman, Leandro. 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 Fil: Martinez, Lisana Belén. 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) Comparative Economic Studies 59 1 77 106 |
| spellingShingle | Investment Savings Secular Stagnation https://purl.org/becyt/ford/5.2 https://purl.org/becyt/ford/5 Perez Artica, Rodrigo Brufman, Leandro Martinez, Lisana Belén Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies |
| title | Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies |
| title_full | Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies |
| title_fullStr | Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies |
| title_full_unstemmed | Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies |
| title_short | Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies |
| title_sort | delving into the secular stagnation hypothesis: a firm-level analysis of the private sector's excess savings in advanced economies |
| topic | Investment Savings Secular Stagnation https://purl.org/becyt/ford/5.2 https://purl.org/becyt/ford/5 |
| topic_facet | Investment Savings Secular Stagnation https://purl.org/becyt/ford/5.2 https://purl.org/becyt/ford/5 |
| url | http://hdl.handle.net/11336/52323 |