This paper studies under which conditions the share of profit in value-added, financial constraints on investment and capital shortage may foster unemployment and may limit the growth of capital and/or the growth of aggregate demand, in a stock-flow consistent model. The efficiency of...

Using a large panel of 6,946 French manufacturing firms, this paper investigates the effect of the cost of capital and on cash flow on investment from 1990 to 1999. We compare several specifications of neo-classical demand for capital, taking into account transitory dynamics. The user cost of...

In this paper we present comparable results on the determinants of firms' investment and their link to monetary policy. The results have been obtained by the Eurosystem Monetary Transmission Network. This network has produced a series of papers in which the use of micro data permits estimating...

En modélisant un arbitrage intertemporel, le désendettement est un choix rationnel en présence d'un rendement marginal des nouveaux investissements inférieur au taux d'intérêt réel sur l'encours de la dette et supérieur au coût d'opportunité des placements des fonds internes. Dans ce...

This paper surveys issues with respect to the structural modelling of econometric tests of investment facing financial constraints, to their link with firms data and asset prices, and to their consequences for macroeconomic modelling. The key issue is to provide conditions which support the...

This paper provides the explicit expression of investment facing a binding debt ceiling and the explicit expression of the Lagrange multipliers related to the binding debt ceiling constraint. This result allows to check for misspecification of the parameterizations of these Lagrange multipliers...

Dans le cadre d´un modèle de croissance endogène fondé sur l´innovation, cet article compare deux modes de financement de l´économie. Dans un cas, le financement est assuré par une multitude de petits prêteurs, dans l´autre, une seule grande banque fournit l´ensemble des prêts. Il...

In this paper, financial infrastructures increase the efficiency of the banking sector: they decrease the market power (due to horizontal differentiation) of the financial intermediaries, lower the cost of capital, increase the number of depositors and the amount of intermediated savings,...

This paper proposes consistent moment selection procedures for generalized method of moments estimation based on the J test of over-identifying restrictions (Hansen [1982]) and on the Eichenbaum, Hansen and Singleton [1988] test of the validity of a subset of moment conditions.

Les performances économiques de l'Allemagne et du Japon laissent supposer qu'une faible concurrence entre les intermédiaires financiers n'est pas nécessairement un obstacle à la croissance. Cet article présente un modèle de croissance endogène ne comportant un secteur d'intermédiation...