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Speculative and Entrepreneurial Behaviour: A Study of Micro-Economic Sustainability in Argentina During the 1990s

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Abstract

This paper sheds light on microeconomic sustainability after complete financial liberalisation was implemented in Argentina during the 1990s. Inspired by Keynes and Minsky, we estimate an investment model that accounts for financial constraints using panel data for Argentina during the 1990s. The main conclusion of the study is that there was an increase in speculative behaviour which was unconnected to entrepreneurial behaviour based on investment in fixed assets. Over the decade, the number of speculative firms increased. Moreover, these firms increased their debt burden, particularly with financial institutions. However, they did not use these funds to invest in fixed assets.

Suggested Citation

  • Valeria Arza & Paula Español, 2005. "Speculative and Entrepreneurial Behaviour: A Study of Micro-Economic Sustainability in Argentina During the 1990s," SPRU Working Paper Series 135, SPRU - Science Policy Research Unit, University of Sussex Business School.
    • Handle: RePEc:sru:ssewps:135
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    File URL: http://www.sussex.ac.uk/spru/documents/sewp135.pdf
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    Keywords

    speculation; investment; financial constraints; firm behaviour; micro sustainability; Minsky; Argentina;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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