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Article Dans Une Revue Manchester School Année : 1998

Investment facing Credit Rationing

Résumé

The explicit expression of investment facing credit rationing and convex adjustment costs is derived. Three implications follow. First, the assumption of convex adjustment costs can be substituted by credit rationing to derive an investment function. Second, it explains how credit rationing acts as a 'financial brake' at the bottom of a slump, when investment demand is high and collateral is low. Third, it allows the explicit Lagrange multiplier related to credit rationing to be derived and misspecification in recent empirical work to be checked.

Dates et versions

halshs-00432132 , version 1 (13-11-2009)

Identifiants

Citer

Jean-Bernard Chatelain. Investment facing Credit Rationing. Manchester School, 1998, 66 (S), pp.102-115. ⟨10.1111/1467-9957.66.s.6⟩. ⟨halshs-00432132⟩
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