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Systemic, sectoral risk and the myth of a corporate savings glut : background note (anglais)

This note investigates the nature of corporate savings in South Africa. The first part focuses on the empirical impact of uncertainty on investment in the manufacturing sector, while the second part discusses factors influencing corporate cash hoarding and assesses whether South African firms’ behavior is peculiar. The results show that sectoral and systemic risks – our measures of uncertainty – consistently impede investment in the South ...
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