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Restricciones al Endeudamiento e Inversión

  • Moral Carcedo, Julian

    ()

    (Departamento de Análisis Económico: Teoría e Historia Económica. Universidad Autónoma de Madrid)

El objetivo de este artículo es analizar los efectos derivados de la existencia de imperfecciones en los mercados de deuda sobre la evolución del capital productivo de las empresas. Las imperfecciones que se consideran son, la existencia de primas sobre el nivel de endeudamiento, y el racionamiento en el volumen de crédito, dos de las figuras más extendidas en la literatura económica. Con datos de empresas españolas se ha procedido a analizar si se encuentran indicios de existencia de restricciones tomando como punto de partida las implicaciones teóricas derivadas del modelo, atendiendo a la evolución del endeudamiento y el diferencial entre costes de endeudamiento y rentabilidad.

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File URL: http://www.uam.es/departamentos/economicas/analecon/especifica/mimeo/wp200712.pdf
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Paper provided by Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History) in its series Working Papers in Economic Theory with number 2007/12.

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Length: 24 pages
Date of creation: Sep 2007
Date of revision:
Handle: RePEc:uam:wpaper:200712
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