KDI 한국개발연구원 - 경제정책정보 - 국외연구자료 - 국제금융 - External Financing Dependence and Corporate Saving in ASEAN5

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국제금융

External Financing Dependence and Corporate Saving in ASEAN5

IMF 2020.11.16
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Using firm-level data on ASEAN5, this paper studies the differential effects of macro-financial and structural factors on corporate saving behavior through the lens of external financing dependence. The finding suggests that non-financial corporations in ASEAN5 have been subject to binding financial constraints over the past two decades. Greater capital account openness or exchange rate depreciation reduces the average saving rate of industries with low dependence on external funds, while it increases the saving rate of industries with high dependence on external funds. The effects are greater for export-oriented industries. An improvement in banking sector competition, banks?€™ lending efficiency, or policy clarity is associated with lower saving rate of firms across the board.

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