Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector’s Excess Savings in Advanced Economies
We document a persistent increase in excess savings (defined as the difference between gross savings and capital formation) and a steady decline of gross capital formation in a sample of non-financial firms from developed countries. These patterns developed even before the financial breakdown of 200...
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| Veröffentlicht in: | Comparative economic studies 2017-03, Vol.59 (1), p.77-106 |
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| container_title | Comparative economic studies |
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| creator | Pérez Artica, Rodrigo Brufman, Leandro Martinez, Lisana Belén |
| description | We document a persistent increase in excess savings (defined as the difference between gross savings and capital formation) and a steady decline of gross capital formation in a sample of non-financial firms from developed countries. These patterns developed even before the financial breakdown of 2007 reinforcing the case for a secular stagnation hypothesis. They go along with a deleveraging process and a decrease in the share of operating assets in total assets. We discuss three possible explanations for this long-term behavior: financial constraints, operative volatility, and the weakening of business dynamism itself. |
| doi_str_mv | 10.1057/s41294-016-0016-y |
| format | Article |
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| subjects | Assets Capital formation Developed countries Developing countries Economics Economics and Finance Hypotheses International Economics LDCs Original Article Political Economy/Economic Systems Private sector Savings Stagnation |
| title | Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector’s Excess Savings in Advanced Economies |
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