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
- Institución
- Consejo Nacional de Investigaciones Científicas y Técnicas
- OAI Identificador
- oai:ri.conicet.gov.ar:11336/52323
Ver los metadatos del registro completo
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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 Técnicas2025-09-29T09:33:53Zoai: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:34982025-09-29 09:33:54.074CONICET 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 |
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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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1844613045096022016 |
score |
13.070432 |