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

Autores
Brufman, Leandro; Martinez, Lisana Belén; Perez Artica, Rodrigo
Año de publicación
2013
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
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
Materia
Liquidity
Savings
Investment
Financial contraints
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Repositorio
CONICET Digital (CONICET)
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
OAI Identificador
oai:ri.conicet.gov.ar:11336/26376
Acceder
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network_name_str CONICET Digital (CONICET)
spelling What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypothesesBrufman, LeandroMartinez, Lisana BelénPerez Artica, RodrigoLiquiditySavingsInvestmentFinancial contraintshttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5This 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 UnidosFil: Martinez, Lisana Belén. Universitat Rovira I Virgili; España. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: 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; ArgentinaWorld Bank2013-08info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/26376Brufman, 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; 1-321813-9450CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/doi/10.1596/1813-9450-6571info:eu-repo/semantics/altIdentifier/url/https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-6571info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-09-29T10:19:03Zoai:ri.conicet.gov.ar:11336/26376instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982025-09-29 10:19:03.573CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv 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
spellingShingle 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
Liquidity
Savings
Investment
Financial contraints
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
dc.creator.none.fl_str_mv Brufman, Leandro
Martinez, Lisana Belén
Perez Artica, Rodrigo
author Brufman, Leandro
author_facet Brufman, Leandro
Martinez, Lisana Belén
Perez Artica, Rodrigo
author_role author
author2 Martinez, Lisana Belén
Perez Artica, Rodrigo
author2_role author
author
dc.subject.none.fl_str_mv Liquidity
Savings
Investment
Financial contraints
topic Liquidity
Savings
Investment
Financial contraints
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv 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
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.
publishDate 2013
dc.date.none.fl_str_mv 2013-08
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv 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
url http://hdl.handle.net/11336/26376
identifier_str_mv 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
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 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
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv World Bank
publisher.none.fl_str_mv World Bank
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
_version_ 1844614158687928320
score 13.070432

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