The Global Investment Slowdown: Corporate Secular Stagnation and the Draining of the Cash Flow Swamp

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	The Global Investment Slowdown: Corporate Secular Stagnation and the Draining of the Cash Flow Swamp
	Ilan Strauss and Jangho Yang
	2019-12-16
出版年	2019
国家	英国
领域	地球科学 ; 资源环境
英文摘要	Using a Bayesian ‘mixed effects’ model we estimate competing explanations for the investment slowdown on a large panel of firms with time-varying and country-varying coefficients. This allows us to explore both microeconomic (firm-level) and macroeconomic (country- and time-level) explanations. Evidence for key supply side, firm-level, impediments to investment rates are absent: advanced economy firms are financially unconstrained and remain responsive to investment opportunities. Instead, differences in firms’ investment rates across time and between countries can largely be explained by our secular stagnation predictor, proxied by the corporate sector’s ‘net external financing’ demand. This shows that firms, and the corporate sector as a whole across advanced economies, are increasingly net external ‘releasers’ of funds to shareholders, creditors, and bondholders, reflecting cross-cutting exogenous factors creating a chronic excess of cash flow over weakening investment opportunities.
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来源平台	Oxford Martin School, University of Oxford
文献类型	科技报告
条目标识符	http://119.78.100.173/C666/handle/2XK7JSWQ/270779
专题	地球科学资源环境科学
推荐引用方式 GB/T 7714	Ilan Strauss and Jangho Yang. The Global Investment Slowdown: Corporate Secular Stagnation and the Draining of the Cash Flow Swamp,2019.