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

Authors

  • Rodrigo Pérez Artica Southern Economic and Social Research Institute (UNS-CONICET), Argentina
  • Leandro Brufman Southern Economic and Social Research Institute (UNS-CONICET), Argentina
  • Lisana Martinez Southern Economic and Social Research Institute (UNS-CONICET), Argentina

Keywords:

Corporate Finance, Investment Decisions, Savings

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.

JEL classification: G11 ; G30 ; G31

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Published

2016-12-01

How to Cite

Pérez Artica, R., Brufman, L. and Martinez, L. (2016) “A Study of Excess Savings at the Firm Level in Developed Countries. Three Hypotheses about its Causes”, Ensayos Económicos, (74), pp. 57–104. available at: https://bcra.ojs.theke.io/ensayos_economicos_bcra/article/view/140 (accessed: 29 April 2025).

Issue

No. 74 (2016): Ensayos Económicos

Section

Articles