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...

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Autores principales: Bebczuk, Ricardo Néstor, Cavallo, Eduardo
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
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