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dc.contributor.author
Bebczuk, Ricardo Néstor
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dc.contributor.author
Cavallo, Eduardo
dc.date.available
2018-08-14T22:02:32Z
dc.date.issued
2016-01
dc.identifier.citation
Bebczuk, Ricardo Néstor; Cavallo, Eduardo; Is business saving really none of our business?; Taylor & Francis; Applied Economics; 48; 24; 1-2016; 2266-2284
dc.identifier.issn
0003-6846
dc.identifier.uri
http://hdl.handle.net/11336/55534
dc.description.abstract
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’ investment. The evidence suggests that business saving and external financing are complementary sources of financing for investment.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Taylor & Francis
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dc.rights
info:eu-repo/semantics/openAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
Business Saving
dc.subject
Corporate Finance
dc.subject
Corporate Veil
dc.subject
Domestic Saving
dc.subject.classification
Economía, Econometría
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dc.subject.classification
Economía y Negocios
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dc.subject.classification
CIENCIAS SOCIALES
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dc.title
Is business saving really none of our business?
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2018-07-31T17:20:00Z
dc.identifier.eissn
1466-4283
dc.journal.volume
48
dc.journal.number
24
dc.journal.pagination
2266-2284
dc.journal.pais
Reino Unido
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dc.journal.ciudad
Londres
dc.description.fil
Fil: Bebczuk, Ricardo Néstor. Universidad Nacional de La Plata. Facultad de Ciencias Económicas. Departamento de Ciencias Económicas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina
dc.description.fil
Fil: Cavallo, Eduardo. Inter-American Development Bank; Estados Unidos
dc.journal.title
Applied Economics
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dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://www.tandfonline.com/doi/abs/10.1080/00036846.2015.1117050
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/https://doi.org/10.1080/00036846.2015.1117050
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