Speculative and Entrepreneurial Behaviour: A Study of Micro-Economic Sustainability in Argentina During the 1990s
AbstractThis paper sheds light on microeconomic sustainability after complete financial liberalisation was implemented in Argentina during the 1990s. Inspired by Keynes and Minsky, we estimate an investment model that accounts for financial constraints using panel data for Argentina during the 1990s. The main conclusion of the study is that there was an increase in speculative behaviour which was unconnected to entrepreneurial behaviour based on investment in fixed assets. Over the decade, the number of speculative firms increased. Moreover, these firms increased their debt burden, particularly with financial institutions. However, they did not use these funds to invest in fixed assets.
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Bibliographic InfoPaper provided by SPRU - Science and Technology Policy Research, University of Sussex in its series SPRU Working Paper Series with number 135.
Length: 26 pages
Date of creation: 10 Oct 2005
Date of revision:
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speculation; investment; financial constraints; firm behaviour; micro sustainability; Minsky; Argentina;
Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-10-15 (All new papers)
- NEP-ENT-2005-10-15 (Entrepreneurship)
- NEP-TID-2005-10-15 (Technology & Industrial Dynamics)
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