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Investments and economic cycles Literature review

Investments and economic cycles Literature review. Naidenova Iuliia 25.03.2013. Search. Business cycles. Guevara, 2011: Kondratieff cycle (50 years) Juglar cycle (7-11 years) Kitchin cycle (3-5 years) Mulligan, 2013: Real business cycle (RBC) theory

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Investments and economic cycles Literature review

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  1. Investments and economic cyclesLiterature review NaidenovaIuliia 25.03.2013

  2. Search

  3. Business cycles • Guevara, 2011: • Kondratieff cycle (50 years) • Juglar cycle (7-11 years) • Kitchin cycle (3-5 years) • Mulligan, 2013: • Real business cycle (RBC) theory • Austrian business cycle (ABC) theory • Minsky’s financial instability hypothesis (FIH)

  4. Empirical research • Crisis usually leads to cutting of investments (Peltonen et al, 2012; ) • Crisis effects investments through following channels: • Higher uncertainty (Chen,Funke, 2010); • Lower credit availability (Halegatteet al, 2008; Gaiotti, 2013; Peltonen et al, 2012; Aghion et al, 2012); • Faster decision making (Guevara, 2011). • Research on R&D cyclicality gives mixed results (Barlevy, 2007; Nuno, 2011; Aghionet al, 2012; Shinagawa, 2013)

  5. Empirical research. IC • Ownership structure and corporate governance could play role during the crisis (Lemmon, Lins, 2003); • Intangibles could enhance recovery (Guevara, 2011; Grupp, 2007; Sadi, 2000; Edquist, 2011); • RC and R&D are relevant during an economic crisis (Guevara, 2011; Nuno, 2011); • R&D could be both procyclical and countercyclical (Barlevy, 2007; Nuno, 2011; Aghion et al, 2012; Shinagawa, 2013).

  6. Investment drivers • Financial conditions (Agliariet al, 2006; Love, Zicchino, 2006); • Liquidity and earnings retentions (Love, Zicchino, 2006; Eklund, 2010); • Investment opportunities (Eklund, 2010); • Uncertainty (Bloom et al, 2007; Demir, 2009), Political Uncertainty (Julio, Yook, 2012) • Public expenditure on infrastructure (Aiello et al, 2012)

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