Brufman, Leandro
What are the Causes of the Growing Trend of Excess Savings of the Corporate Sector in Developed Countries? An Empirical Analysis of Three Hypotheses / Leandro Brufman [electronic resource] : Leandro Brufman - Washington, D.C., The World Bank, 2013 - 1 online resource (32 p.) - Policy research working papers. World Bank e-Library. .
This paper analyzes annual accounting data for a sample of 5,000 publicly traded manufacturing firms from Germany, France, Italy, Japan, and the United Kingdom. The analysis uses data from 1997 to 2011 and finds an increasing trend of excess savings (defined as the difference between gross saving and capital formation) and a gradual decline of gross capital formation. This trend is accompanied by a steady deleveraging process and a decrease in the share of operating assets in total assets. This process is more acute among the more credit constrained, the more volatile, and the less dynamic firms.
10.1596/1813-9450-6571
Access to Finance
Debt Markets
Economic development strategies
Economic Theory & Research
Emerging Markets
Employment
Environmental Economics & Policies
Finance and Financial Sector Development
Growth
Informality
Microenterprises
Poverty reduction
Sub Saharan Africa
What are the Causes of the Growing Trend of Excess Savings of the Corporate Sector in Developed Countries? An Empirical Analysis of Three Hypotheses / Leandro Brufman [electronic resource] : Leandro Brufman - Washington, D.C., The World Bank, 2013 - 1 online resource (32 p.) - Policy research working papers. World Bank e-Library. .
This paper analyzes annual accounting data for a sample of 5,000 publicly traded manufacturing firms from Germany, France, Italy, Japan, and the United Kingdom. The analysis uses data from 1997 to 2011 and finds an increasing trend of excess savings (defined as the difference between gross saving and capital formation) and a gradual decline of gross capital formation. This trend is accompanied by a steady deleveraging process and a decrease in the share of operating assets in total assets. This process is more acute among the more credit constrained, the more volatile, and the less dynamic firms.
10.1596/1813-9450-6571
Access to Finance
Debt Markets
Economic development strategies
Economic Theory & Research
Emerging Markets
Employment
Environmental Economics & Policies
Finance and Financial Sector Development
Growth
Informality
Microenterprises
Poverty reduction
Sub Saharan Africa