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dc.contributor.author
Aguila, Nicolas Adrian  
dc.contributor.author
Graña, Juan Martin  
dc.date.available
2022-09-29T17:31:58Z  
dc.date.issued
2020-12  
dc.identifier.citation
Aguila, Nicolas Adrian; Graña, Juan Martin; The influence of the interest rate in capitalist competition: capital differentiation and structural change; Serials; Bulletin of Political Economy; 14; 2; 12-2020; 153-177  
dc.identifier.issn
0973-5747  
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http://hdl.handle.net/11336/171099  
dc.description.abstract
We contribute to the Marxist discussion on the role of the interest rate in the investment and financing decisions of firms, a crucial dimension that has not received sufficient attention in the literature. The market rate of interest acts as a benchmark for the profit rate of each capital, allowing firms to decide how to allocate their funds between industrial accumulation and financial valorization. Once they resolve to invest, the interest rate also influences their choice on how to finance the investment between their own and borrowed capital. Considering capitalist competition as a process resulting in the differentiation between ‘normal’ capitals - that appropriate the general rate of profit - and ‘small’ capitals - that appropriate a lower-than-general rate of profit -, we show that changes in the interest rate have different consequences for these two types of capitals. ‘Normal’ capitals invest if the general rate of profit is higher than the interest rate and borrow capital to finance their investment, thereby appropriating a higher rate of profit of enterprise. Meanwhile, ‘small’ capitals are regulated by the interest rate. If the rate of interest increases, even if it remains below the general rate of profit, it could push them into bankruptcy and turn them into interest-bearing capital. Moreover, they face restrictions to access credit, further widening the gap between their rate of profit of enterprise and that of normal capitals. Finally, the paper presents some ideas to build a framework to analyze the consequences of different interest rate regimes for structural change in the context of capital differentiation, and argues for state direction of credit.  
dc.format
application/pdf  
dc.language.iso
eng  
dc.publisher
Serials  
dc.rights
info:eu-repo/semantics/restrictedAccess  
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https://creativecommons.org/licenses/by-nc-sa/2.5/ar/  
dc.subject
MARX  
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INTEREST RATE  
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COMPETITION  
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INVESTMENT  
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FINANCING  
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STRUCTURAL CHANGE  
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CREDIT POLICY  
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Economía, Econometría  
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Economía y Negocios  
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CIENCIAS SOCIALES  
dc.title
The influence of the interest rate in capitalist competition: capital differentiation and structural change  
dc.type
info:eu-repo/semantics/article  
dc.type
info:ar-repo/semantics/artículo  
dc.type
info:eu-repo/semantics/publishedVersion  
dc.date.updated
2022-09-22T15:04:06Z  
dc.journal.volume
14  
dc.journal.number
2  
dc.journal.pagination
153-177  
dc.journal.pais
India  
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Darya Ganj  
dc.description.fil
Fil: Aguila, Nicolas Adrian. Centro Interdisciplinario para el Estudio de Políticas Públicas; Argentina  
dc.description.fil
Fil: Graña, Juan Martin. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad de Buenos Aires. Facultad de Ciencias Económicas. Instituto de Investigaciones Económicas. Centro de Estudios sobre Población, Empleo y Desarrollo; Argentina  
dc.journal.title
Bulletin of Political Economy  
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://serialsjournals.com/index.php?route=product/product/volumearticle&issue_id=625&product_id=291