Advanced Search
MyIDEAS: Login

Restricciones financieras y de liquidez: reforzando el acelerador “ financiero “/“Financial and Liquidity Constraints: Reinforcing the Financial Accelerator Mechanism”

Contents:

Author Info

  • MORAL CARCEDO, JULIÁN

    ()
    (Dpto. Análisis Económico: Teoría Económica e Historia Económica e Instituto L. R. Klein. Universidad Autónoma de Madrid. Ctra. de Colmenar Km. 15. 28049 Madrid.Tlfno: 91 497 23 99.)

  • SÁNCHEZ GONZÁLEZ, JULIÁN

    ()
    (Dpto. Análisis Económico: Teoría Económica e Historia Económica. Facultad Ciencias Económicas. Universidad Autónoma de Madrid. Ctra. Colmenar, Km. 15. 28049 – Madrid.Tlfno.: 914972405.)

Abstract

En el presente artículo se analizan los efectos teóricos que sobre el capital y el empleo tienen distintos requerimientos de inversión que pueden calificarse como no productivos o carentes de rendimiento (saldos de tesorería, cuentas pendientes de cobro,...). En el modelo presentado se comprueba que tales requerimientos afectan a las decisiones óptimas de la empresa en dos líneas fundamentales. En primer lugar, uno de los efectos más evidente hace referencia a las operaciones afectadas por la restricción, en el caso analizado al comportamiento de la demanda de trabajo y a la liquidez óptima. El segundo de los aspectos se refiere a los efectos que sobre el resto de decisiones supone la necesidad de mantener un conjunto de recursos en activos sin rentabilidad, desviando los recursos disponibles de otras decisiones más rentables. This paper examines the effects that the need of holding unproductive working capital has on the capital and employment levels of the firm. The existance of cash-flow restrictions on the use of capital, which materilizaes in the balance sheet in the form of certain nonproductive assets such as currency and deposits, accounts receivable, proves to be of great importance to understand firm’s behaviour. In the proposed theoretical model it is verified that this financial requirement modifies the firm’s optimal decisions in two fundamental aspects. First, this restriction alters the optimal decision over liquids assets investment and employmnet levels. The second refers to the effects caused by the necessity of maintaining a set of financial resources in nonproductive assets, detracting some of the available resources from other more profitable investment decisions.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.revista-eea.net
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

Volume (Year): 23 (2005)
Issue (Month): (Abril)
Pages: 125-149

as in new window
Handle: RePEc:lrk:eeaart:23_1_7

Contact details of provider:
Postal: Beatriz Rodríguez Prado. Facultad de CC.EE. y EE. Avda. Valle del Esgueva. Valladolid 47011 SPAIN
Phone: (34) 983 423320
Fax: (34) 983 184568
Web page: http://www.revista-eea.net
More information through EDIRC

Order Information:
Email:
Web: http://www.revista-eea.net

Related research

Keywords: Determinantes de la inversión; Restricciones financieras; acelerador financiero/Working capital; Financial restrictions firm’s investment decisions; Financial accelerator.;

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:lrk:eeaart:23_1_7. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Beatriz Rodríguez Prado).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.