correlated with other variables that describe the subject's financial situation, like savings and shocks to income and …

-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 …

small- and medium-sized enterprises, I find that precautionary savings motives can aggravate real effects: low … amount. These results point to the amplifying effect of precautionary savings motives in the transmission of credit supply …

finds that higher savings by more frugal households provide an important cushion for the fall in private investment funding. …