A Study of Excess Savings at the Firm Level in Developed Countries. Three Hypotheses about its Causes

Rodrigo Pérez Artica (), Lisana Martinez and Leandro Brufman
Additional contact information
Rodrigo Pérez Artica: IIESS (UNS/Conicet)
Lisana Martinez: IIESS (UNS/Conicet)

Ensayos Económicos, 2016, vol. 1, issue 74, 57-104

Abstract: We found a growing trend of net financial position and a drop in capital formation for a sample of industrial firms in Germany, France, Italy, Japan and the United Kingdom in the period 1997-2011. Both trends are robust in different subsamples and to alternative measures of capital formation. We discuss three scenarios that help to explain these trends related to financial rationing, increased volatility of the operating environment and slowdown of business.

Keywords: corporate finance; investment decisions; savings (search for similar items in EconPapers)
JEL-codes: G11 G30 G31 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.bcra.gov.ar/Institucional/DescargaPDF/DownloadPDF.aspx?Id=323 Spanish version (versión en Español) (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bcr:ensayo:v:1:y:2016:i:74:p:57-104

Access Statistics for this article

Ensayos Económicos is currently edited by Germán Feldman

More articles in Ensayos Económicos from Central Bank of Argentina, Economic Research Department Contact information at EDIRC.
Bibliographic data for series maintained by Federico Grillo ().