TY  - BOOK
AU  - Brufman,Leandro
AU  - Artica,Rodrigo Perez
AU  - Brufman,Leandro
AU  - Martinez,Lisana
TI  - What are the Causes of the Growing Trend of Excess Savings of the Corporate Sector in Developed Countries?: An Empirical Analysis of Three Hypotheses 
PY  - 2013///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Access to Finance
KW  - Debt Markets
KW  - Economic development strategies
KW  - Economic Theory & Research
KW  - Emerging Markets
KW  - Employment
KW  - Environmental Economics & Policies
KW  - Finance and Financial Sector Development
KW  - Growth
KW  - Informality
KW  - Microenterprises
KW  - Poverty reduction
KW  - Sub Saharan Africa
N2  - 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
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-6571
ER  -