IDEAS home Printed from https://ideas.repec.org/p/ctl/louvre/1988025.html
   My bibliography  Save this paper

L’investissement dans un contexte de faible croissance et de taux d’intérêt élevés

Author

Listed:
  • Jean-Yves CHEVALLIER

    (Minstère de l’Economie, Paris)

  • François LEGENDRE

    (Minstère de l’Economie, Paris)

  • Pierre MORIN

    (Minstère de l’Economie, Paris)

Abstract

The 1980s have seen a persistent sluggishness of the industrial investment of french firms, a marked deterioration in corporate finances until 1983, and very high interest rates. Simultaneously, many difficulties have appeared in the macroeconometric works dealing with the influence of anticipated demand, relative price of factors and profit as determinants of investment. This point out the value of studying capital-formation behavior on a panel of nearly 700 manufacturing firms, monitored from 1975 to 1983, which represent 30% of industrial value added. The main conclusions of the study could be the following. The accelerator model is less relevant for the 1980s than for the 1970s. The return constraint seems to have exerted a strong influence during the period studied (1979-1983). The apparent interest rate, specific to the firm, seems to affect capital formation. Indebtedness ratios and tax incentives to investment do not have a decisive effect.

Suggested Citation

  • Jean-Yves CHEVALLIER & François LEGENDRE & Pierre MORIN, 1988. "L’investissement dans un contexte de faible croissance et de taux d’intérêt élevés," Discussion Papers (REL - Recherches Economiques de Louvain) 1988025, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  • Handle: RePEc:ctl:louvre:1988025
    as

    Download full text from publisher

    File URL: http://www.jstor.org/stable/40723859
    Download Restriction: no

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ctl:louvre:1988025. 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: (Sebastien SCHILLINGS). General contact details of provider: http://edirc.repec.org/data/iruclbe.html .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.