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What Are the Causes of the Growing Trend of Excess Savings of the Corporate Sector in Developed Countries? An Empirical Analysis of Three Hypotheses

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dc.contributor.authorBrufman, Leandro
dc.contributor.authorMartinez, Lisana
dc.contributor.authorPérez Artica, Rodrigo
dc.date.accessioned2013-10-02T13:49:45Z
dc.date.available2013-10-02T13:49:45Z
dc.date.issued2013-08
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/08/18109370/causes-growing-trend-excess-savings-corporate-sector-developed-countries-empirical-analysis-three-hypotheses
dc.identifier.doi10.1596/1813-9450-6571
dc.identifier.urihttps://hdl.handle.net/10986/16004
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6571
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectAGENCY COST
dc.subjectAGGREGATE DEMAND
dc.subjectASSETS RATIO
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK DEPOSITS
dc.subjectBANKING SYSTEM
dc.subjectBUSINESS CYCLE
dc.subjectBUSINESS CYCLES
dc.subjectBUSINESS ENVIRONMENT
dc.subjectCAPITAL FORMATION
dc.subjectCAPITAL STRUCTURE
dc.subjectCASH DIVIDENDS
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCASH HOLDINGS
dc.subjectCORPORATE FINANCE
dc.subjectCORPORATE INVESTMENT
dc.subjectCORPORATE SAVINGS
dc.subjectCREDIT CONSTRAINTS
dc.subjectCREDIT CRUNCH
dc.subjectCREDIT RATIONING
dc.subjectDEBT
dc.subjectDEBT REDUCTION
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPMENT POLICY
dc.subjectDIVERSIFICATION
dc.subjectDIVIDEND
dc.subjectDIVIDEND POLICY
dc.subjectDIVIDENDS
dc.subjectDUMMY VARIABLE
dc.subjectEARNINGS
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC OUTLOOK
dc.subjectEMPIRICAL ANALYSIS
dc.subjectEMPIRICAL EVIDENCE
dc.subjectEMPIRICAL STUDIES
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKET DEVELOPMENT
dc.subjectEXPENDITURES
dc.subjectFINANCIAL CONSTRAINTS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DISTRESS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL POLICIES
dc.subjectFINANCIAL STUDIES
dc.subjectFINANCIAL SYSTEM
dc.subjectGROWTH OPPORTUNITIES
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectINCOME
dc.subjectINDEBTEDNESS
dc.subjectINSURANCE
dc.subjectINTERNAL FUNDS
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT BEHAVIOR
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT PROJECTS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY MANAGEMENT
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC UNCERTAINTY
dc.subjectMARKET COMPETITION
dc.subjectMARKET DEVELOPMENT
dc.subjectMERGERS
dc.subjectNATIONAL ACCOUNTING
dc.subjectNATIONAL INVESTMENT
dc.subjectPRIVATE INVESTMENT
dc.subjectRECESSION
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectSAFE ASSETS
dc.subjectSALES GROWTH
dc.subjectSALES_GROWTH
dc.subjectSAVINGS
dc.subjectSHORT-TERM ASSETS
dc.subjectSHORT-TERM DEBT
dc.subjectSTOCKS
dc.subjectTAX
dc.subjectTAX BENEFITS
dc.subjectTOTAL_DEBT
dc.subjectTREASURIES
dc.subjectTREASURY
dc.subjectVOLATILE ENVIRONMENT
dc.subjectVOLATILITY
dc.titleWhat Are the Causes of the Growing Trend of Excess Savings of the Corporate Sector in Developed Countries? An Empirical Analysis of Three Hypothesesen
dspace.entity.typePublication
okr.crossref.titleWhat are the Causes of the Growing Trend of Excess Savings of the Corporate Sector in Developed Countries? An Empirical Analysis of Three Hypotheses
okr.date.disclosure2013-08-01
okr.date.doiregistration2025-04-10T11:55:37.490673Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/08/18109370/causes-growing-trend-excess-savings-corporate-sector-developed-countries-empirical-analysis-three-hypotheses
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeEnvironment and Natural Resources
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid891791468251701177
okr.identifier.doi10.1596/1813-9450-6571
okr.identifier.externaldocumentum000158349_20130814150325
okr.identifier.internaldocumentum18109370
okr.identifier.reportWPS6571
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/08/14/000158349_20130814150325/Rendered/PDF/WPS6571.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.administrativeEurope and Central Asia
okr.region.countryFrance
okr.region.countryGermany
okr.region.countryItaly
okr.region.countryJapan
okr.region.countryUnited Kingdom
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicEnvironmental Economics and Policies
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth
okr.topicEnvironment
okr.unitFinancial Advisory and Banking Department of the World Bank Treasury
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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