structural surplus of private savings in relation to private investment. On the one hand, this excess saving is due to people …The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the …'s increasing inclination to save in light of rising life expectancy. On the other hand, investment is not keeping pace with the …

structural surplus of private savings in relation to private investment. On the one hand, this excess saving is due to people …The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the …'s increasing inclination to save in light of rising life expectancy. On the other hand, investment is not keeping pace with the …

-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 …

-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 …