Investissement, profitabilité et croissance dans les années quatre-vingt
Abstract[eng] 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 â increase of demand and high profitability â 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. [fre] L'article passe en revue les facteurs explicatifs traditionnels de l'investissement, puis prÃ©sente l'apport d'un modÃ¨le qui prend en compte simultanÃ©ment les contraintes de dÃ©bouchÃ©s et de profitabilitÃ©. Si les fluctuations de la demande suffisent Ã expliquer la chute du taux d'investissement dans la premiÃ¨re moitiÃ© des annÃ©es quatre-vingt, une croissance plus forte de la demande n'aurait pas permis une reprise significative de l'investissement au cours de cette pÃ©riode, en raison de la dÃ©gradation de la situation financiÃ¨re des entreprises. Cette reprise a pu se dÃ©velopper dans la seconde moitiÃ© des annÃ©es quatre-vingt parce que les deux conditions â croissance des dÃ©bouchÃ©s et rÃ©tablissement de la situation financiÃ¨re des entreprises â Ã©taient rÃ©unies. Croissance lente, faible profitabilitÃ©, et niveau Ã©levÃ© des taux d'intÃ©rÃªt rÃ©els ont conduit, dans la premiÃ¨re moitiÃ© des annÃ©es quatre-ving
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): n° 41 (1992)
Issue (Month): 3 ()
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Web page: http://www.cairn.info/revue-de-l-ofce.htm
Other versions of this item:
- Pierre-Alain Muet & Marie-Ange Veganzones, 1992. "Investissement, profitabilité et croissance dans les années quatre-vingt," Revue de l'OFCE, Programme National Persée, vol. 41(1), pages 119-150.
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