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Barriere di prezzo, vincoli di liquidità e investimento

Author

Listed:
  • Enrico Saltari

    (Università di Urbino)

  • Giuseppe Travaglini

    (Università di Urbino)

Abstract

In what follows we show that firm’s investment decisions are affected by liquidity constraints even when these constraints are not binding at the present time. This is because the forward looking firm expects that liquidity will become a constraint in the future. As a consequence, liquidity constraints not only affect current investment, but also exert a global effect on optimal firm’s investment policy. The main implicazion of this result is that satisfying the Euler equation does not mean that investment corresponds to that predicted by the null hypothesis of perfect capital markets.

Suggested Citation

  • Enrico Saltari & Giuseppe Travaglini, 2001. "Barriere di prezzo, vincoli di liquidità e investimento," Rivista di Politica Economica, SIPI Spa, vol. 91(3), pages 65-90, March.
    • Handle: RePEc:rpo:ripoec:v:91:y:2001:i:3:p:65-90
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    Citations

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    Cited by:

    1. Luigi Dolores & Maria Macchiaroli & Gianluigi De Mare, 2020. "A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship," Sustainability, MDPI, vol. 12(4), pages 1-27, February.

    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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