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

Author

Listed:
  • Rodrigo Pérez Artica

    (IIESS (UNS/Conicet))

  • Lisana Martinez

    (IIESS (UNS/Conicet))

  • Leandro Brufman

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.

Suggested Citation

  • Rodrigo Pérez Artica & Lisana Martinez & Leandro Brufman, 2016. "A Study of Excess Savings at the Firm Level in Developed Countries. Three Hypotheses about its Causes," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(74), pages 57-104, December.
    • Handle: RePEc:bcr:ensayo:v:1:y:2016:i:74:p:57-104
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    More about this item

    Keywords

    corporate finance; investment decisions; savings;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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