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Financing Constraints and Investment Decline in Mexico

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  • Talan B. İşan

Abstract

To what extent can financing constraints, which have been so central to foreign‐debt‐related explanations of investment decline in heavily indebted economies, account for low investment rates in Mexico after 1982? In order to investigate the implications of the financing constraints hypothesis on investment decisions, this study employs a cost‐of‐adjustment model of investment and annual panel data of Mexican manufacturing industries covering the period 1970–90. It is found that some of the debt crisis effects on investment, identified in the earlier literature, may be due to binding financing constraints in Mexico.

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  • Talan B. İşan, 2000. "Financing Constraints and Investment Decline in Mexico," Manchester School, University of Manchester, vol. 68(1), pages 24-43, January.
    • Handle: RePEc:bla:manchs:v:68:y:2000:i:1:p:24-43
    DOI: 10.1111/1467-9957.00180
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    Cited by:

    1. Diego Comin & Norman Loayza & Farooq Pasha & Luis Serven, 2014. "Medium Term Business Cycles in Developing Countries," American Economic Journal: Macroeconomics, American Economic Association, vol. 6(4), pages 209-245, October.

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