Details

Autor(en) / Beteiligte

• Pérez Artica, Rodrigo
• Brufman, Leandro
• Martinez, Lisana Belén

Titel

Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector’s Excess Savings in Advanced Economies

Ist Teil von

• Comparative economic studies, 2017-03, Vol.59 (1), p.77-106

Ort / Verlag

London: Palgrave Macmillan UK

Erscheinungsjahr

2017

Link zum Volltext

Quelle

Alma/SFX Local Collection

Beschreibungen/Notizen

• 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.