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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, Volume 1
Author:Brufman, Leandro; Martinez, Lisana; Artica, Rodrigo Perez; Country:Germany; Italy; Japan; United Kingdom; France;
Date Stored:2013/08/14Document Date:2013/08/01
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Access to Finance; Economic Theory & Research; Emerging Markets; Debt Markets
Language:EnglishRegion:Europe and Central Asia; East Asia and Pacific
Report Number:WPS6571Collection Title:Policy Research working paper ; no. WPS 6571
Volume No:1  

Summary: 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.

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