Science and Technology Production
13 Brazilian Finance Conference - What are the causes of the growing trend of excess savings in the corporate sector of developed countries
Congress
Authorship:
Pérez Artica, Rodrigo ; Brufman, Leandro ; Martinez, Lisana BelénDate:
2013Publishing House and Editing Place:
Sociedade Brasileira de FinançasSummary *
We analyze a sample of manufacturing firms from Germany, France, Italy, Japan, and UK during the period 1997-2011, and find 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. Information provided by the agent in SIGEVAKey Words
ahorroliquidezfinanciamientoinversión