-
大陆成人直播
-
出版物展开 / 收起
sidenav background出版物
sidenav header background讨论稿No. E2013003：Financial Structure, Corporate Savings and Current Account Imbalances
发布日期：2013-06-06 02:30 来源：大陆成人直播-成人直播中文
Financial Structure, Corporate Savings and Current Account Imbalances
Zhibo Tan,† Shang-Jin Wei,‡ Yang Yao,† and Yue Zhao†
No. E2013003 June6, 2013
Abstract We explore the effects of a country’s financial structure on its corporate savings and current accounts. A financial system that relies relatively more on banks and less on the capital market presents more difficulties for small and medium-sized enterprises to access external finance. These firms find it necessary to accumulate more savings on their own. As a result, countries that rely on a less developed capital market are more likely to run current account surpluses (or smaller current account deficits). Using panel data of 66 countries for the period 1990-2007, we find consistent and robust evidence in favor of this hypothesis. Further explorations based on firm-level data reveal that firms, especially smaller firms, in economies with relatively under-developed capital markets do save significantly more than their counterparts in countries with relatively more developed capital markets.
Keywords Current account imbalances; Corporate savings; Financial structure; Firm heterogeneities
JEL classification F32; G15; G32
† China Center for Economic Research, National School of Development, Peking University. Contact method: [email protected].
‡ Graduate School of Business, Columbia University and NBER.
大陆成人直播 官方微信
Copyright© 1994-2012 大陆成人直播-成人直播中文 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
大陆成人直播
-
出版物展开 / 收起
sidenav background出版物
sidenav header background讨论稿No. E2013003：Financial Structure, Corporate Savings and Current Account Imbalances
发布日期：2013-06-06 02:30 来源：大陆成人直播-成人直播中文
Financial Structure, Corporate Savings and Current Account Imbalances
Zhibo Tan,† Shang-Jin Wei,‡ Yang Yao,† and Yue Zhao†
No. E2013003 June6, 2013
Abstract We explore the effects of a country’s financial structure on its corporate savings and current accounts. A financial system that relies relatively more on banks and less on the capital market presents more difficulties for small and medium-sized enterprises to access external finance. These firms find it necessary to accumulate more savings on their own. As a result, countries that rely on a less developed capital market are more likely to run current account surpluses (or smaller current account deficits). Using panel data of 66 countries for the period 1990-2007, we find consistent and robust evidence in favor of this hypothesis. Further explorations based on firm-level data reveal that firms, especially smaller firms, in economies with relatively under-developed capital markets do save significantly more than their counterparts in countries with relatively more developed capital markets.
Keywords Current account imbalances; Corporate savings; Financial structure; Firm heterogeneities
JEL classification F32; G15; G32
† China Center for Economic Research, National School of Development, Peking University. Contact method: [email protected].
‡ Graduate School of Business, Columbia University and NBER.
访问学者申请
EMAIL
北京大学
ENGLISH
