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Überproportionale Geldvermögensbildung und relativ sinkende Sachkapitalrendite / Increasing Share of Financial Assets and Decreasing Rate of Return to Capital

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  • Behr Andreas

    (Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften, Institut für Statistik und Mathematik, Mertonstr. 17, D-60054 Frankfurt/M.)

Abstract

The paper investigates the increasing ratio of financial asset aquisition to net fixed capital formation using the financial account statistic of the Deutsche Bundesbank. An increasing ratio is measured for all german sectors as well as for the producing enterprises. Using descriptive methods the relative increasing stock of financial assets held by producing enterprises is found to be caused by an extreme increase in currency and seight deposits. Regression analysis shows that the ratio of aquisition of financial assets to net fixed capital formation depends negatively on Tobins q and on the change of the inflation rate.

Suggested Citation

  • Behr Andreas, 2000. "Überproportionale Geldvermögensbildung und relativ sinkende Sachkapitalrendite / Increasing Share of Financial Assets and Decreasing Rate of Return to Capital," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(6), pages 641-652, December.
    • Handle: RePEc:jns:jbstat:v:220:y:2000:i:6:p:641-652
    DOI: 10.1515/jbnst-2000-0603
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    References listed on IDEAS

    as
    1. Martin Feldstein & Lawrence Summers, 1977. "Is the Rate of Profit Falling?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 8(1), pages 211-228.
    2. repec:ucp:bkecon:9780226301532 is not listed on IDEAS
    3. Salamon, Gerald L, 1985. "Accounting Rates of Return," American Economic Review, American Economic Association, vol. 75(3), pages 495-504, June.
    Full references (including those not matched with items on IDEAS)

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