By Patrick Artus; Pierre-Alain Muet
The 1st a part of the publication provides the estimation of conventional types of funding, their interpretation within the gentle of the disequilibrium idea and their use in comparing the industrial guidelines applied in the course of the seventies. the difficulty of the easiest illustration of the creation expertise is additionally addressed. the second one half analyses the interdependance of the selections of funding, employment and intake of uncooked fabrics utilizing simultaneous estimations of issue call for equations, in addition to the dynamic adjustment expenses businesses are dealing with. The final part illustrates the latest theories and econometric tools: funding versions with a number of regimes taking into consideration revenues, employment and financing constraints, and the advent of the uncertainty on destiny sales.
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7. Financial constraints Investment demand may be limited by financing conditions, in particular when credit is restricted. The credit supply then becomes a constraint, and self-financing resources and indebtedness opportunities determine the financially feasible investment. But other considerations, notably the solvency constraint, can lead firms to prefer self-financing to borrowing. Let us take, for example, the solvency constraint, that is, the obligation for a firm to pay interest on its debts and reimburse them at maturity.
The constraints affecting firms at any given moment are not uniform, and it is entirely possible for the two influences to be jointly observable at the overall level. The macroeconomic investment function ought therefore to depend simultaneously on all these explanatory variables. By positing a few simple hypotheses on the individual functions, we can offer an aggregate model — a general model — that incorporates all the variables. We shall successively examine: - the flexible accelerator and effective-demand model; - the profit model; - the general model (accelerator + profits).
In addition, the discounted profit calculation must cover the equipment's profitable lifetime. We can then redefine the user cost of capital by incorporating the expected change in real wages and the equipment's profitable lifetime (see Ando, Modigliani, Rasche and Turnovsky ). We can use different specifications for the putty-clay model: - non-linear model (Bischoff ); - log-linearized model; - accumulation-rate model. 3 below. 3 It will be recall that the long term coefficient of a distributed lag model