Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/246163 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECB Working Paper No. 2586
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We investigate, in the case of Germany, the positive correlation between the cyclical components of the corporate saving glut in the non-financial corporate sector and the current account surplus from a capital account perspective. Employing sign restrictions, our findings suggest that mostly labor supply, world demand and financial friction shocks account for the joint dynamics of excess corporate saving and the current account surplus. Household saving shocks, by contrast, cannot explain the correlation. We conclude that, explained through these factors, the corporate saving glut is an important driver of the cyclical component of the current account.
Schlagwörter: 
Current account
corporate saving
macro shocks
JEL: 
E32
F32
F45
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4809-8
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
2.18 MB





Publikationen in EconStor sind urheberrechtlich geschützt.