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q de Tobin et taux d'accumulation en France

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  • James Chan-Lee
  • Raymond Torres

Abstract

This article presents an estimate of Tobin's average q based on financial market expectations. When marginal q exceeds unity it is profitable to invest, however, only average q is observable. Due to uncertainty linked to demand constraints, average q can differ from marginal q; thus an investment equation based on average q requires a proxy for uncertainty. This type of specification explains the rate of investment in France quite well.

Suggested Citation

  • James Chan-Lee & Raymond Torres, 1987. "q de Tobin et taux d'accumulation en France," Annals of Economics and Statistics, GENES, issue 5, pages 37-48.
    • Handle: RePEc:adr:anecst:y:1987:i:5:p:37-48
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    File URL: http://www.jstor.org/stable/20075635
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    Cited by:

    1. Rama, Martin, 1990. "Empirical investment equations in developing countries," Policy Research Working Paper Series 563, The World Bank.
    2. Véronique Reiffers, 1995. "Une mise en perspective des déterminants de l'investissement : rôle du Q de Tobin sur la période 1972 -1991 en France," Revue Économique, Programme National Persée, vol. 46(4), pages 1167-1187.
    3. Omar Licandro, 1992. "Investissement, incertitude de la demande et contraintes de capacités David de la Croix," Économie et Prévision, Programme National Persée, vol. 106(5), pages 85-95.
    4. Anne Epaulard, 1993. "L'apport du Q de Tobin à la modélisation de l'investissement en France," Économie et Prévision, Programme National Persée, vol. 109(3), pages 1-12.
    5. Ngongang, Elie, 2012. "Econometric Analysis of the Impact of Financial Variables on Investment Behavior in Sub-Saharan African (SSA) Countries," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 8(1), pages 1-22, May.
    6. Yulia Vymyatnina & Evgeniya Goryacheva, 2014. "Monetary Policy Rules in the Countries of the Customs Union," EUSP Department of Economics Working Paper Series Ec-05/14, European University at St. Petersburg, Department of Economics.

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