Investissement, profitabilité et croissance dans les années quatre-vingt

Marie-Ange Véganzonès and Pierre-Alain Muet

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Abstract: This paper studies out the traditional explanatory factors of investment, then presents the contribution of a model which takes into account profitability and demand constraints simultaneously. If demand fluctuations are sufficient to explain the fall of investment rate in the first half of the eighties, a stronger growth of demand would not have allowed an investment recovery during this period, due to the deterioration of enterprises financial situation. This recovery was possible in the second half of the eighties because the two conditions — increase of demand and high profitability — were combined. In the first half of the eighties, slow growth, low profitability and high interest rates led enterprises to increase labor productivity through capital replacement rather than to extend production capacities. This could explain the unusual increase of capital intensity in a period of high capital cost, as well as the fact that interest rate do not appear as an heavy constraint for global investment in the econometric estimates.

Keywords: Investissement; Accelérateur; Profit; Croissance; Modélisation; France (search for similar items in EconPapers)
Date: 1992
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Published in Revue de l'OFCE, 1992, 41, pp.119-151

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03065568

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