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q de Tobin et taux d'accumulation en France

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  • James Chan-Lee
  • Raymond Torres

Abstract

This article presents an estimate of Tobin's average q based on financial market expectations. When marginal q exceeds unity it is profitable to invest, however, only average q is observable. Due to uncertainty linked to demand constraints, average q can differ from marginal q; thus an investment equation based on average q requires a proxy for uncertainty. This type of specification explains the rate of investment in France quite well.

Suggested Citation

  • James Chan-Lee & Raymond Torres, 1987. "q de Tobin et taux d'accumulation en France," Annals of Economics and Statistics, GENES, issue 5, pages 37-48.
    • Handle: RePEc:adr:anecst:y:1987:i:5:p:37-48
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    File URL: http://www.jstor.org/stable/20075635
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    Cited by:

    1. Véronique Reiffers, 1995. "Une mise en perspective des déterminants de l'investissement : rôle du Q de Tobin sur la période 1972 -1991 en France," Revue Économique, Programme National Persée, vol. 46(4), pages 1167-1187.
    2. Anne Epaulard, 1993. "L'apport du Q de Tobin à la modélisation de l'investissement en France," Économie et Prévision, Programme National Persée, vol. 109(3), pages 1-12.
    3. Rama, Martin, 1990. "Empirical investment equations in developing countries," Policy Research Working Paper Series 563, The World Bank.
    4. Ngongang, Elie, 2012. "Econometric Analysis of the Impact of Financial Variables on Investment Behavior in Sub-Saharan African (SSA) Countries," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 8(1), pages 1-22, May.
    5. Omar Licandro, 1992. "Investissement, incertitude de la demande et contraintes de capacités David de la Croix," Économie et Prévision, Programme National Persée, vol. 106(5), pages 85-95.
    6. Yulia Vymyatnina & Evgeniya Goryacheva, 2014. "Monetary Policy Rules in the Countries of the Customs Union," EUSP Department of Economics Working Paper Series Ec-05/14, European University at St. Petersburg, Department of Economics.

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