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Article dans une revue Rue de la Banque Année : 2015

Land prices, lending to companies and job creations

Résumé

The fluctuations of the value of land held by French firms present a very similar pattern to those of both investment and employment. This Rue de la Banque presents a model in which firms face imperfect labour and credits markets. Due to a collateral constraint for credit, the market value of land in firms’ balance sheets plays an important role in determining how much they can borrow, and thus affects their investment levels and hiring decisions. The empirical results confirm the predictions of the theoretical model. Fluctuations in land prices had an impact on the business cycle and on the dynamics of the labour market in France.
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Dates et versions

hal-01457332, version 1 (06-02-2017)

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  • HAL Id : hal-01457332 , version 1

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Leo Kaas, Patrick A. Pintus, Simon Ray. Land prices, lending to companies and job creations. Rue de la Banque, 2015, 14. ⟨hal-01457332⟩
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Dernière date de mise à jour le 21/04/2024
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