CONNECTIONS BETWEEN CORPORATE GOVERNANC E, CORPORATE SAVINGS AND BUSINESS CYCLES IN THE ECONOMIC LITERATURE AROUND THE GREAT DEPRESSION

Giovanni Scarano ()

No 207, Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre

Abstract: Corporate savings , which could play a major role in producing financial crises , receive scant analytic attention today . By contrast, they saw a glorious period of analysis from the late 1920s to the early 1950s, around the Great Depression. D uring the twenties the corpora tions were accused of contributing to the stock exchange boom by lending out part of their cash balances . In the thirties they were accused of contributing to the stagnation of the economic system by holding excess cash balances. Two different approaches d istinguished the study of retained earnings in the forties and fifties. One approached this phenomenon in connection with investigation into cyclical fluctuations in the economy, while the other analysed the relationship between the rights and interests of the stockholders and those of the management in individual enterprises. The paper deals with some of these seminal contributions, including those by Sergei P. Dobrovolsky and Friedrich A. Lutz

Keywords: Corporate S avings; Corporate R etained E arnings; Cash Holding; Effective Demand; Financial Crisis; Corporate Governance. (search for similar items in EconPapers)
JEL-codes: E21 E22 E32 E58 G01 G35 (search for similar items in EconPapers)
Date: 2016-05
New Economics Papers: this item is included in nep-his and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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