Is business saving really none of our business?
- Autores
- Bebczuk, Ricardo Néstor; Cavallo, Eduardo
- Año de publicación
- 2016
- Idioma
- inglés
- Tipo de recurso
- artículo
- Estado
- versión publicada
- Descripción
- This paper revisits the role of business saving in the economy by critically scrutinizing the existing macroeoconomic and corporate finance literatures. We assemble and exploit a broad international, unbalanced panel of 47 countries over 1995-2013 on saving and investment by institutional sector to shed new light on the relevance of business saving for private saving and investment around the world. We show that businesses contribute on average more than 50% of national saving around the world. Using this unique dataset, we find evidence of partial piercing of the corporate veil: a $1 increase in business saving gives rise to a decrease of approximately $0.40 in household saving-thereby raising private saving by as much as $0.60. We also find that a $1 increase in business saving increases private investment by as much as $0.20 in countries where limited financing is a binding constraint on firms’ investment. The evidence suggests that business saving and external financing are complementary sources of financing for investment.
Fil: Bebczuk, Ricardo Néstor. Universidad Nacional de La Plata. Facultad de Ciencias Económicas. Departamento de Ciencias Económicas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina
Fil: Cavallo, Eduardo. Inter-American Development Bank; Estados Unidos - Materia
-
Business Saving
Corporate Finance
Corporate Veil
Domestic Saving - 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:11336/55534
Ver los metadatos del registro completo
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Is business saving really none of our business?Bebczuk, Ricardo NéstorCavallo, EduardoBusiness SavingCorporate FinanceCorporate VeilDomestic Savinghttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5This paper revisits the role of business saving in the economy by critically scrutinizing the existing macroeoconomic and corporate finance literatures. We assemble and exploit a broad international, unbalanced panel of 47 countries over 1995-2013 on saving and investment by institutional sector to shed new light on the relevance of business saving for private saving and investment around the world. We show that businesses contribute on average more than 50% of national saving around the world. Using this unique dataset, we find evidence of partial piercing of the corporate veil: a $1 increase in business saving gives rise to a decrease of approximately $0.40 in household saving-thereby raising private saving by as much as $0.60. We also find that a $1 increase in business saving increases private investment by as much as $0.20 in countries where limited financing is a binding constraint on firms’ investment. The evidence suggests that business saving and external financing are complementary sources of financing for investment.Fil: Bebczuk, Ricardo Néstor. Universidad Nacional de La Plata. Facultad de Ciencias Económicas. Departamento de Ciencias Económicas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; ArgentinaFil: Cavallo, Eduardo. Inter-American Development Bank; Estados UnidosTaylor & Francis2016-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/55534Bebczuk, Ricardo Néstor; Cavallo, Eduardo; Is business saving really none of our business?; Taylor & Francis; Applied Economics; 48; 24; 1-2016; 2266-22840003-68461466-4283CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/https://www.tandfonline.com/doi/abs/10.1080/00036846.2015.1117050info:eu-repo/semantics/altIdentifier/doi/10.1080/00036846.2015.1117050info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-09-03T09:47:17Zoai:ri.conicet.gov.ar:11336/55534instacron: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:34982025-09-03 09:47:17.434CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse |
dc.title.none.fl_str_mv |
Is business saving really none of our business? |
title |
Is business saving really none of our business? |
spellingShingle |
Is business saving really none of our business? Bebczuk, Ricardo Néstor Business Saving Corporate Finance Corporate Veil Domestic Saving |
title_short |
Is business saving really none of our business? |
title_full |
Is business saving really none of our business? |
title_fullStr |
Is business saving really none of our business? |
title_full_unstemmed |
Is business saving really none of our business? |
title_sort |
Is business saving really none of our business? |
dc.creator.none.fl_str_mv |
Bebczuk, Ricardo Néstor Cavallo, Eduardo |
author |
Bebczuk, Ricardo Néstor |
author_facet |
Bebczuk, Ricardo Néstor Cavallo, Eduardo |
author_role |
author |
author2 |
Cavallo, Eduardo |
author2_role |
author |
dc.subject.none.fl_str_mv |
Business Saving Corporate Finance Corporate Veil Domestic Saving |
topic |
Business Saving Corporate Finance Corporate Veil Domestic Saving |
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 revisits the role of business saving in the economy by critically scrutinizing the existing macroeoconomic and corporate finance literatures. We assemble and exploit a broad international, unbalanced panel of 47 countries over 1995-2013 on saving and investment by institutional sector to shed new light on the relevance of business saving for private saving and investment around the world. We show that businesses contribute on average more than 50% of national saving around the world. Using this unique dataset, we find evidence of partial piercing of the corporate veil: a $1 increase in business saving gives rise to a decrease of approximately $0.40 in household saving-thereby raising private saving by as much as $0.60. We also find that a $1 increase in business saving increases private investment by as much as $0.20 in countries where limited financing is a binding constraint on firms’ investment. The evidence suggests that business saving and external financing are complementary sources of financing for investment. Fil: Bebczuk, Ricardo Néstor. Universidad Nacional de La Plata. Facultad de Ciencias Económicas. Departamento de Ciencias Económicas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina Fil: Cavallo, Eduardo. Inter-American Development Bank; Estados Unidos |
description |
This paper revisits the role of business saving in the economy by critically scrutinizing the existing macroeoconomic and corporate finance literatures. We assemble and exploit a broad international, unbalanced panel of 47 countries over 1995-2013 on saving and investment by institutional sector to shed new light on the relevance of business saving for private saving and investment around the world. We show that businesses contribute on average more than 50% of national saving around the world. Using this unique dataset, we find evidence of partial piercing of the corporate veil: a $1 increase in business saving gives rise to a decrease of approximately $0.40 in household saving-thereby raising private saving by as much as $0.60. We also find that a $1 increase in business saving increases private investment by as much as $0.20 in countries where limited financing is a binding constraint on firms’ investment. The evidence suggests that business saving and external financing are complementary sources of financing for investment. |
publishDate |
2016 |
dc.date.none.fl_str_mv |
2016-01 |
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/11336/55534 Bebczuk, Ricardo Néstor; Cavallo, Eduardo; Is business saving really none of our business?; Taylor & Francis; Applied Economics; 48; 24; 1-2016; 2266-2284 0003-6846 1466-4283 CONICET Digital CONICET |
url |
http://hdl.handle.net/11336/55534 |
identifier_str_mv |
Bebczuk, Ricardo Néstor; Cavallo, Eduardo; Is business saving really none of our business?; Taylor & Francis; Applied Economics; 48; 24; 1-2016; 2266-2284 0003-6846 1466-4283 CONICET Digital CONICET |
dc.language.none.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
info:eu-repo/semantics/altIdentifier/url/https://www.tandfonline.com/doi/abs/10.1080/00036846.2015.1117050 info:eu-repo/semantics/altIdentifier/doi/10.1080/00036846.2015.1117050 |
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 |
Taylor & Francis |
publisher.none.fl_str_mv |
Taylor & Francis |
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CONICET Digital (CONICET) |
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CONICET Digital (CONICET) |
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Consejo Nacional de Investigaciones Científicas y Técnicas |
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CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas |
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dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar |
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13.13397 |