Corporate Cash Accumulation During the COVID-19 Pandemic

Eliezer Singer and Jie Yang
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Jie Yang: https://www.federalreserve.gov/econres/jie-yang.htm

No 2025-08-22-2, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Cash holdings of U.S. nonfinancial (publicly traded) corporations increased notably during the recent COVID-19 pandemic. As depicted in Figure 1, the median cash-to-assets ratio (black, solid line) – which remained near 12 percent in the years following the Great Financial Crisis (GFC) – surged to a historic high of over 20 percent in mid-2021.

Date: 2025-08-22
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2025-08-22-2

DOI: 10.17016/2380-7172.3736

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