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

Perez Artica, Rodrigo et al · Palgrave Macmillan Ltd · 2017

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Author / responsible party
Perez Artica, Rodrigo et al
Publisher
Palgrave Macmillan Ltd
Year
2017
ISSN
0888-7233
ISSN
0888-7233
Language
English

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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. Fil: Perez Artica, Rodrigo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina Fil: Brufman, Leandro. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina

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APA 7

Perez Artica, R. E. A. (2017). Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies. http://hdl.handle.net/11336/52323

MLA

Perez Artica, Rodrigo et al. "Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies." 2017. http://hdl.handle.net/11336/52323.

Chicago

Perez Artica, Rodrigo et al. 2017. "Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies.". http://hdl.handle.net/11336/52323.

Harvard

Perez Artica, R. E. A. 2017, Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies, Palgrave Macmillan Ltd, available at: http://hdl.handle.net/11336/52323 [Accessed 7 Aug. 2026].

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Title
Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector's Excess Savings in Advanced Economies
Author / contributors
Perez Artica, Rodrigo et al
Publisher
Palgrave Macmillan Ltd
Publication year
2017
ISSN
0888-7233
ISSN
0888-7233
Language
English

Subjects

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Investment; Savings; Secular Stagnation; https://purl.org/becyt/ford/5.2; https://purl.org/becyt/ford/5
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