Advanced Search
MyIDEAS: Login to save this article or follow this journal

Imperfection du marché du capital et investissement des exploitations agricoles

Contents:

Author Info

  • Benjamin, Catherine

    (INRA, Unité d’Économie et Sociologie Rurales)

  • Phimister, Euan

    (Department of Economics, University of Aberdeen)

Abstract

This article looks for the determinants of the investment decisions for French farmers in presence of imperfections of the capital market. The access constraints to the credit market which seems to play a growing role in France are taken into account by integrating transaction costs associated with borrowings and by defining restrictions on credit. One result of the model is that it is necessary to differentiate farms according to their borrowing behaviour to understand the variations of the rate of investment. This model has been tested and estimated with french farm level panel data using Generalised Method of Moments. The results indicate that the model using the perfect capital market assumption is rejected. In contrast, the equations using the sample selection rule from the theoretical model are not rejected for big farms and for farms which are conducted by farm operators who have a high general education level. Le but de notre article est de rechercher les déterminants des décisions d’investissement des exploitants agricoles français en présence d’imperfections du marché du capital. Les contraintes d’accès au marché du crédit qui semblent jouer un rôle croissant en France sont prises en compte en intégrant des coûts de transaction associés aux emprunts et en définissant un plafond d’endettement. L’introduction de ces imperfections conduit à la simultanéité entre les décisions financières et les décisions d’investissement de l’exploitation. Un des résultats du modèle est de montrer que, pour comprendre les variations du taux d’investissement, il est nécessaire de différencier les exploitations ayant contracté des emprunts sur deux années successives. Le modèle est estimé sur données de panel en utilisant la méthode des moments généralisés. Le modèle n’est pas rejeté par les données pour le sous-échantillon des exploitations où le chef d’exploitation a une formation générale, le sous-échantillon des grandes exploitations.

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://id.erudit.org/iderudit/602356ar
Download Restriction: no

Bibliographic Info

Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 77 (2001)
Issue (Month): 3 (septembre)
Pages: 357-383

as in new window
Handle: RePEc:ris:actuec:v:77:y:2001:i:3:p:357-383

Contact details of provider:
Email:
Web page: http://www.scse.ca/
More information through EDIRC

Related research

Keywords:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. R. Glenn Hubbard & Anil Kashyap, 1990. "Internal Net Worth and the Investment Process: An Application to U.S. Agriculture," NBER Working Papers 3339, National Bureau of Economic Research, Inc.
  2. Behrman, Jere R & Foster, Andrew & Rosenzweig, Mark R, 1997. "Dynamic Savings Decisions in Agricultural Environments with Incomplete Markets," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(2), pages 282-92, April.
  3. Elhorst, J Paul, 1993. "The Estimation of Investment Equations at the Farm Level," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 20(2), pages 167-82.
  4. Ralph Bierlen & Allen M. Featherstone, 1998. "Fundamental q, Cash Flow, and Investment: Evidence from Farm Panel Data," The Review of Economics and Statistics, MIT Press, vol. 80(3), pages 427-435, August.
  5. Huntley Schaller, 1993. "Asymmetric Information, Liquidity Constraints and Canadian Investment," Canadian Journal of Economics, Canadian Economics Association, vol. 26(3), pages 552-74, August.
  6. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
  7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
Full references (including those not matched with items on IDEAS)

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:ris:actuec:v:77:y:2001:i:3:p:357-383. 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: (Bruce Shearer).

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.