Is bussiness saving really none of our bussiness?
- Autores
- Bebczuk, Ricardo Néstor; Cavallo, Eduardo
- Año de publicación
- 2015
- Idioma
- inglés
- Tipo de recurso
- documento de trabajo
- Estado
- versión enviada
- 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’ invesment. The evidence suggests that business saving and external financing are complementary sources of financing for investment.
Departamento de Economía - Materia
-
Ciencias Económicas
bussiness saving
corporate veil
domestic saving
corporate finance
ahorro
JEL: E21, E22, G32 - Nivel de accesibilidad
- acceso abierto
- Condiciones de uso
- http://creativecommons.org/licenses/by/4.0/
- Repositorio
- Institución
- Universidad Nacional de La Plata
- OAI Identificador
- oai:sedici.unlp.edu.ar:10915/47410
Ver los metadatos del registro completo
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Is bussiness saving really none of our bussiness?Bebczuk, Ricardo NéstorCavallo, EduardoCiencias Económicasbussiness savingcorporate veildomestic savingcorporate financeahorroJEL: E21, E22, G32This 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’ invesment. The evidence suggests that business saving and external financing are complementary sources of financing for investment.Departamento de Economía2015-08info:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/submittedVersionDocumento de trabajohttp://purl.org/coar/resource_type/c_8042info:ar-repo/semantics/documentoDeTrabajoapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/47410enginfo:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/doctrab/doc107.pdfinfo:eu-repo/semantics/altIdentifier/issn/1853-3930info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/4.0/Creative Commons Attribution 4.0 International (CC BY 4.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-03T10:35:39Zoai:sedici.unlp.edu.ar:10915/47410Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-03 10:35:39.91SEDICI (UNLP) - Universidad Nacional de La Platafalse |
dc.title.none.fl_str_mv |
Is bussiness saving really none of our bussiness? |
title |
Is bussiness saving really none of our bussiness? |
spellingShingle |
Is bussiness saving really none of our bussiness? Bebczuk, Ricardo Néstor Ciencias Económicas bussiness saving corporate veil domestic saving corporate finance ahorro JEL: E21, E22, G32 |
title_short |
Is bussiness saving really none of our bussiness? |
title_full |
Is bussiness saving really none of our bussiness? |
title_fullStr |
Is bussiness saving really none of our bussiness? |
title_full_unstemmed |
Is bussiness saving really none of our bussiness? |
title_sort |
Is bussiness saving really none of our bussiness? |
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 |
Ciencias Económicas bussiness saving corporate veil domestic saving corporate finance ahorro JEL: E21, E22, G32 |
topic |
Ciencias Económicas bussiness saving corporate veil domestic saving corporate finance ahorro JEL: E21, E22, G32 |
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’ invesment. The evidence suggests that business saving and external financing are complementary sources of financing for investment. Departamento de Economía |
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’ invesment. The evidence suggests that business saving and external financing are complementary sources of financing for investment. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-08 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/workingPaper info:eu-repo/semantics/submittedVersion Documento de trabajo http://purl.org/coar/resource_type/c_8042 info:ar-repo/semantics/documentoDeTrabajo |
format |
workingPaper |
status_str |
submittedVersion |
dc.identifier.none.fl_str_mv |
http://sedici.unlp.edu.ar/handle/10915/47410 |
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http://sedici.unlp.edu.ar/handle/10915/47410 |
dc.language.none.fl_str_mv |
eng |
language |
eng |
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info:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/doctrab/doc107.pdf info:eu-repo/semantics/altIdentifier/issn/1853-3930 |
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info:eu-repo/semantics/openAccess http://creativecommons.org/licenses/by/4.0/ Creative Commons Attribution 4.0 International (CC BY 4.0) |
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openAccess |
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http://creativecommons.org/licenses/by/4.0/ Creative Commons Attribution 4.0 International (CC BY 4.0) |
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13.13397 |