Is bussiness saving really none of our bussiness?
This paper revisits the role of business saving in the economy by critically scrutinizing the existing macroeoconomic and corporate finance literatures. We assemble and exploit a broad international, unbalanced panel of 47 countries over 1995-2013 on saving and investment by institutional sector to...
Guardado en:
Autores principales: | , |
---|---|
Formato: | Articulo Documento de trabajo |
Lenguaje: | Inglés |
Publicado: |
2015
|
Materias: | |
Acceso en línea: | http://sedici.unlp.edu.ar/handle/10915/47410 http://www.depeco.econo.unlp.edu.ar/doctrab/doc107.pdf |
Aporte de: |
id |
I19-R120-10915-47410 |
---|---|
record_format |
dspace |
institution |
Universidad Nacional de La Plata |
institution_str |
I-19 |
repository_str |
R-120 |
collection |
SEDICI (UNLP) |
language |
Inglés |
topic |
Ciencias Económicas bussiness saving corporate veil domestic saving corporate finance ahorro JEL: E21, E22, G32 |
spellingShingle |
Ciencias Económicas bussiness saving corporate veil domestic saving corporate finance ahorro JEL: E21, E22, G32 Bebczuk, Ricardo Néstor Cavallo, Eduardo Is bussiness saving really none of our bussiness? |
topic_facet |
Ciencias Económicas bussiness saving corporate veil domestic saving corporate finance ahorro JEL: E21, E22, G32 |
description |
This paper revisits the role of business saving in the economy by critically scrutinizing the existing macroeoconomic and corporate finance literatures. We assemble and exploit a broad international, unbalanced panel of 47 countries over 1995-2013 on saving and investment by institutional sector to shed new light on the relevance of business saving for private saving and investment around the world. We show that businesses contribute on average more than 50% of national saving around the world. Using this unique dataset, we find evidence of partial piercing of the corporate veil: a $1 increase in business saving gives rise to a decrease of approximately $0.40 in household saving–thereby raising private saving by as much as $0.60. We also find that a $1 increase in business saving increases private investment by as much as $0.20 in countries where limited financing is a binding constraint on firms’ invesment. The evidence suggests that business saving and external financing are complementary sources of financing for investment. |
format |
Articulo Documento de trabajo |
author |
Bebczuk, Ricardo Néstor Cavallo, Eduardo |
author_facet |
Bebczuk, Ricardo Néstor Cavallo, Eduardo |
author_sort |
Bebczuk, Ricardo Néstor |
title |
Is bussiness saving really none of our bussiness? |
title_short |
Is bussiness saving really none of our bussiness? |
title_full |
Is bussiness saving really none of our bussiness? |
title_fullStr |
Is bussiness saving really none of our bussiness? |
title_full_unstemmed |
Is bussiness saving really none of our bussiness? |
title_sort |
is bussiness saving really none of our bussiness? |
publishDate |
2015 |
url |
http://sedici.unlp.edu.ar/handle/10915/47410 http://www.depeco.econo.unlp.edu.ar/doctrab/doc107.pdf |
work_keys_str_mv |
AT bebczukricardonestor isbussinesssavingreallynoneofourbussiness AT cavalloeduardo isbussinesssavingreallynoneofourbussiness |
bdutipo_str |
Repositorios |
_version_ |
1764820474648330240 |