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Corporate Net Lending: a Review of Recent Trends

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Author Info
Christophe André
Stéphanie Guichard
Mike Kennedy
Dave Turner ()

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Abstract

Since 2001, OECD corporate net lending has risen sharply. This paper examines the main forces at play behind this run-up and provides some insight into whether and how they might possibly unwind in the future, a process that may already be underway. It shows in particular that, the increase is partly temporary with some of it likely to fade with the cycle and the ongoing adjustments in the financial and housing sectors. On the other hand, part of the increase reflects structural changes in corporate behaviour and in their environment and is likely to persist. The paper also points to cross-country differences reflecting, for example, the role of competiveness in Japan and continental Europe, and of the financial sector in the United Kingdom.

Capacité de financement des entreprises : un examen des tendances récentes
Depuis 2001, la capacité de financement des entreprises de l’OCDE a fortement cru. Ce papier examine les principaux phénomènes à l'origine de la hausse, et fournit des éléments sur leur éventuelle résorption future et les modalités selon lesquelles elle pourrait avoir lieu. Ce processus semble d’ailleurs avoir déjà commencé. Il montre en particulier qu’une part de l’augmentation est transitoire et pourrait disparaître avec le cycle et l’ajustement en cours dans les secteurs financier et de l’immobilier résidentiel. En revanche, une part de l’augmentation reflète des changements structurels dans le comportement des entreprises et dans leur environnement et va probablement persister. Le papier note également des différences entre pays reflétant par exemple le rôle de la compétitivité au Japon et en Europe continentale et celui du secteur financier au Royaume-Uni.

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Paper provided by OECD Economics Department in its series OECD Economics Department Working Papers with number 583.

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Date of creation: 06 Dec 2007
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Handle: RePEc:oec:ecoaaa:583-en

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Related research
Keywords: corporate net lending corporate investment corporate saving financial corporations capacité de financement des entreprises investissement des entreprises épargne des entreprises

Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
G30 - Financial Economics - - Corporate Finance and Governance - - - General

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