| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22334 |
| 来源ID | Working Paper 22334 |
| Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances | |
| Jingting Fan; Sebnem Kalemli-Ozcan | |
| 发表日期 | 2016-06-13 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002–2011, and test the micro foundation of this theory by estimating the effect of an exogenous change in credit constraints, resulting from financial reforms, on firms’ saving behavior. As predicted, after financial reforms, firms who were credit-constrained previously decreased their savings more (or increased their savings less) relative to unconstrained firms. However, this firm-level effect did not lead to a decrease in aggregate corporate savings as conjectured by the theory. Our sector level regressions show that corporate savings increased after financial reforms, and more so for sectors more dependent on external finance. The current account surpluses also did not register a significant deterioration after financial reforms, consistent with our findings on sectoral and aggregate corporate savings |
| 主题 | Macroeconomics ; International Economics |
| URL | https://www.nber.org/papers/w22334 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580007 |
| 推荐引用方式 GB/T 7714 | Jingting Fan,Sebnem Kalemli-Ozcan. Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22334.pdf（364KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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