Investment and Uncertainty in Machinery and Real Estate

Detalhes bibliográficos
Autor(a) principal: Pereira, Rodrigo Mendes
Data de Publicação: 2008
Tipo de documento: Artigo
Idioma: por
eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/1122
Resumo: Investment is usually treated as an homogeneous variable in the literature. The wide differences in the nature of inputs used in investment projects may lead to interesting insights that are not captured in the conventional approach. In this paper I decompose investment in machinery and industrial real estate and examine the impact of economic uncertainty on each of these components. Using panel data estimation methods for the Brazilian industry, I found that uncertainty exerts a harmful effect on both types of investment. However, the effect is much more intense with machines, which possibly is a consequence of their high reversibility costs.
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spelling Investment and Uncertainty in Machinery and Real EstateInvestimento e Incerteza em Máquinas e ImóveisInvestment is usually treated as an homogeneous variable in the literature. The wide differences in the nature of inputs used in investment projects may lead to interesting insights that are not captured in the conventional approach. In this paper I decompose investment in machinery and industrial real estate and examine the impact of economic uncertainty on each of these components. Using panel data estimation methods for the Brazilian industry, I found that uncertainty exerts a harmful effect on both types of investment. However, the effect is much more intense with machines, which possibly is a consequence of their high reversibility costs.O investimento é geralmente tratado como uma variável homogênea na literatura. As grandes diferenças na natureza dos insumos empregados em projetos de investimento levam a idéias interessantes que não são capturadas pela abordagem tradicional. Nesse artigo eu decomponho o investimento em máquinas e imóveis e examino o impacto da incerteza econômica sobre cada um desses componentes. Utilizando métodos de estimação com dados em painel para a indústria brasileira, encontramos evidências de que a incerteza reduz ambos os tipos de investimento. Entretanto, o efeito parece ser mais intenso com máquinas, o que poderia ser uma conseqüência de um custo de reversibilidade mais alto.EGV EPGE2008-11-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/1122Revista Brasileira de Economia; Vol. 62 No. 3 (2008); 279-298Revista Brasileira de Economia; v. 62 n. 3 (2008); 279-2981806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVporenghttps://periodicos.fgv.br/rbe/article/view/1122/703https://periodicos.fgv.br/rbe/article/view/1122/704Pereira, Rodrigo Mendesinfo:eu-repo/semantics/openAccess2009-01-16T16:51:59Zoai:ojs.periodicos.fgv.br:article/1122Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:01.541750Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv Investment and Uncertainty in Machinery and Real Estate
Investimento e Incerteza em Máquinas e Imóveis
title Investment and Uncertainty in Machinery and Real Estate
spellingShingle Investment and Uncertainty in Machinery and Real Estate
Pereira, Rodrigo Mendes
title_short Investment and Uncertainty in Machinery and Real Estate
title_full Investment and Uncertainty in Machinery and Real Estate
title_fullStr Investment and Uncertainty in Machinery and Real Estate
title_full_unstemmed Investment and Uncertainty in Machinery and Real Estate
title_sort Investment and Uncertainty in Machinery and Real Estate
author Pereira, Rodrigo Mendes
author_facet Pereira, Rodrigo Mendes
author_role author
dc.contributor.author.fl_str_mv Pereira, Rodrigo Mendes
description Investment is usually treated as an homogeneous variable in the literature. The wide differences in the nature of inputs used in investment projects may lead to interesting insights that are not captured in the conventional approach. In this paper I decompose investment in machinery and industrial real estate and examine the impact of economic uncertainty on each of these components. Using panel data estimation methods for the Brazilian industry, I found that uncertainty exerts a harmful effect on both types of investment. However, the effect is much more intense with machines, which possibly is a consequence of their high reversibility costs.
publishDate 2008
dc.date.none.fl_str_mv 2008-11-18
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1122
url https://periodicos.fgv.br/rbe/article/view/1122
dc.language.iso.fl_str_mv por
eng
language por
eng
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1122/703
https://periodicos.fgv.br/rbe/article/view/1122/704
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 62 No. 3 (2008); 279-298
Revista Brasileira de Economia; v. 62 n. 3 (2008); 279-298
1806-9134
0034-7140
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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