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DISPONIBILITE DE FINANCEMENT ET INVESTISSEMENT AU MAROC: UNE APPROCHE GLOBALE / FINANCIAL CAPITAL AVAILABILITY AND INVESTMENT IN MOROCCO

Ahmed Zejly
Savings and Development
Vol. 10, No. 4 (1986), pp. 355-377
Stable URL: http://www.jstor.org/stable/25829979
Page Count: 23
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
DISPONIBILITE DE FINANCEMENT ET INVESTISSEMENT AU MAROC: UNE APPROCHE GLOBALE / FINANCIAL CAPITAL AVAILABILITY AND INVESTMENT IN MOROCCO
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Abstract

Identifying the mechanisms governing capital accumulation in developing countries is of primary importance in terms of both their long term growth and the drafting of short-term policies aiming at achieving a well-balanced advance towards this target. The studies which have been carried out up to now in this field show that a neoclassical approach is applicable subject to an adjustment to these countries' peculiarities such as their markets defective operations. A new study has been conducted on the overall private and semipublic sector data in Morocco. It shows that the acceleration process accounts for most of the evolution of investments in the 1969-1982 period. The expansion of productive capacities is not the only factor accounting for capital accumulation. It is the variable taking into account the peculiarities of nonindustrialized countries where financial capital does not circulate according to market rules. Government action through credit control, control on foreign debt and interest rate levels sets a direct link between the flow of financial resources and the volume of investments. Empirical results show that financial eviction is potentially high, while not confirming the hypothesis by which by way of an expansive budgetary policy public expenditure would replace private investment. On the contrary, the test suggests that the two complement each other.

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