L’investissement dans un contexte de faible croissance et de taux d’intérêt élevés

Jean-Yves Chevallier, François Legendre and Pierre Morin
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Jean-Yves Chevallier: Minstère de l’Economie, Paris
Pierre Morin: Minstère de l’Economie, Paris

No 1988025, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: The 1980s have seen a persistent sluggishness of the industrial investment of french firms, a marked deterioration in corporate finances until 1983, and very high interest rates. Simultaneously, many difficulties have appeared in the macroeconometric works dealing with the influence of anticipated demand, relative price of factors and profit as determinants of investment. This point out the value of studying capital-formation behavior on a panel of nearly 700 manufacturing firms, monitored from 1975 to 1983, which represent 30% of industrial value added. The main conclusions of the study could be the following. The accelerator model is less relevant for the 1980s than for the 1970s. The return constraint seems to have exerted a strong influence during the period studied (1979-1983). The apparent interest rate, specific to the firm, seems to affect capital formation. Indebtedness ratios and tax incentives to investment do not have a decisive effect.

Pages: 29
Date: 1988-06-01
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