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

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  • 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.

Suggested Citation

  • Moral Carcedo, Julián & Sánchez González, Julián, 2005. "Restricciones financieras y de liquidez: reforzando el acelerador “ financiero “/“Financial and Liquidity Constraints: Reinforcing the Financial Accelerator Mechanism”," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 23, pages 125-149, Abril.
  • Handle: RePEc:lrk:eeaart:23_1_7
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    Keywords

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

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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