‪Les comportements de détention de liquidités dans les sociétés non financières du G7 ont-ils évolué depuis la crise ?‪

Sylvain Broyer, Emmanuel Schneider and Cyril Verluise

Revue d'économie industrielle, 2016, vol. n° 154, issue 2, 97-123

Abstract: ?Cash holdings of G7 corporates have hit new historical highs since the financial crisis. A common idea is that the precautionary motive would be the main factor: the accumulation of cash would result from lack of access to bank financing that corporates underwent during the financial crisis. We take an in-depth look at the development in cash holdings by corporates in the G7 and carry out an econometric test to identify whether the financial crisis has brought a regime switch. Our results indicate that cash holdings due to caution have increased only in those G7 countries where the disintermediation of external funding has also increased (USA, UK, Japan). In continental Europe, our tests invalidate the hypothesis of a regime switch in cash holdings.?

Keywords: Financial Crises; International Firms; International Business Cycles; Corporate Finance (search for similar items in EconPapers)
Date: 2016
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