Coût du Capital et comportement de l'investissement au Maroc
Keywords:
Capital cost, investments, private investments, industrial investments c, industrial investments , Foreign investments, MoroccoSynopsis
This research has two main purposes : i) to assess the cost of capital in Morocco since 1961; ii) to measure the impact of capital cost change on priva te investment. We show that the cost of capital in _Morocco remains relative/y high in spite of incentive measures undertaken by decision-makers. We also point out that investment in construction has been more attractive than investment in equipment. ln 2002, the cost of capital associated to a marginal investment in construction has been estimated to be around 12. 7 4 percent against 23. 98 percent for equipment. We argue that regardless of the activity sector and the geographic area of investment, .the cost of capital offen converges toward the cost computed on the basis of the common fiscal law. This weak differential explains, among other factors, the failure of · incentive policies which have centered on the alloèation of fiscal advantages depending on sector-based and geographic criteria. We have estimated a variant of the neoc/assical mode/ in order to measure the degree of sensitivity of priva te investment to changes in the cost of capital,. Empirical results from Moroccan aggregated data differ according to the nature of the asset. The empirical validation of the mode/ has allowed us to confirm the negative impact of increases in the cost of capital on investment in equipment. Even though the estimated e/asticities are relative/y weak, they turn to be statistically significant. By contrast, regardless of the selected lags, the impact of changes in the user cost of · capital on investment in construction remains statistically insignificant.
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