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  • 标题:The corporate saving glut and the current account in Germany
  • 本地全文:下载
  • 作者:Thorsten Klug ; Eric Mayer ; Tobias Schuler
  • 期刊名称:Euro Area Balance of Payments and International Investment Position Statistics
  • 印刷版ISSN:1830-3420
  • 电子版ISSN:1830-3439
  • 出版年度:2021
  • 卷号:2021
  • 语种:English
  • 出版社:European Central Bank
  • 摘要: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.
  • 关键词:Current account;corporate saving;macro shocks
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