Barriere di prezzo, vincoli di liquidità e investimento

Enrico Saltari and Giuseppe Travaglini

Rivista di Politica Economica, 2001, vol. 91, issue 3, 65-90

Abstract: In what follows we show that firm’s investment decisions are affected by liquidity constraints even when these constraints are not binding at the present time. This is because the forward looking firm expects that liquidity will become a constraint in the future. As a consequence, liquidity constraints not only affect current investment, but also exert a global effect on optimal firm’s investment policy. The main implicazion of this result is that satisfying the Euler equation does not mean that investment corresponds to that predicted by the null hypothesis of perfect capital markets.

JEL-codes: E22 E51 (search for similar items in EconPapers)
Date: 2001
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