Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies

Autores
Perez Artica, Rodrigo; Brufman, Leandro; Martinez, Lisana Belén
Año de publicación
2017
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
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
Materia
Investment
Savings
Secular Stagnation
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:11336/52323
Acceder
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spelling Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced EconomiesPerez Artica, RodrigoBrufman, LeandroMartinez, Lisana BelénInvestmentSavingsSecular Stagnationhttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5We 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; ArgentinaFil: 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; ArgentinaFil: 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; ArgentinaPalgrave Macmillan Ltd2017-03info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/52323Perez 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; Palgrave Macmillan Ltd; Comparative Economic Studies; 59; 1; 3-2017; 77-1060888-72331478-3320CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/doi/10.1057/s41294-016-0016-yinfo:eu-repo/semantics/altIdentifier/url/https://link.springer.com/article/10.1057%2Fs41294-016-0016-yinfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-10-22T11:01:55Zoai:ri.conicet.gov.ar:11336/52323instacron: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:34982025-10-22 11:01:56.094CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv 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
spellingShingle Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies
Perez Artica, Rodrigo
Investment
Savings
Secular Stagnation
title_short 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_sort Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies
dc.creator.none.fl_str_mv Perez Artica, Rodrigo
Brufman, Leandro
Martinez, Lisana Belén
author Perez Artica, Rodrigo
author_facet Perez Artica, Rodrigo
Brufman, Leandro
Martinez, Lisana Belén
author_role author
author2 Brufman, Leandro
Martinez, Lisana Belén
author2_role author
author
dc.subject.none.fl_str_mv Investment
Savings
Secular Stagnation
topic Investment
Savings
Secular Stagnation
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv 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
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.
publishDate 2017
dc.date.none.fl_str_mv 2017-03
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/11336/52323
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; Palgrave Macmillan Ltd; Comparative Economic Studies; 59; 1; 3-2017; 77-106
0888-7233
1478-3320
CONICET Digital
CONICET
url http://hdl.handle.net/11336/52323
identifier_str_mv 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; Palgrave Macmillan Ltd; Comparative Economic Studies; 59; 1; 3-2017; 77-106
0888-7233
1478-3320
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/doi/10.1057/s41294-016-0016-y
info:eu-repo/semantics/altIdentifier/url/https://link.springer.com/article/10.1057%2Fs41294-016-0016-y
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 Palgrave Macmillan Ltd
publisher.none.fl_str_mv Palgrave Macmillan Ltd
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
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score 12.982451

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