LEADER 00797nam0-2200301---450- 001 990010009370403321 005 20151028101625.0 035 $a001000937 035 $aFED01001000937 035 $a(Aleph)001000937FED01 035 $a001000937 100 $a20151028d1968----km-y0itay50------ba 101 0 $aita 102 $aIT 105 $a--------001yy 200 1 $aGrazia Deledda$fAntonio Piromalli 210 $aFirenze$cLa Nuova Italia$d1968 215 $a172 p.$d20 cm 225 1 $aCollana critica$v87 610 0 $aDeledda, Grazia 676 $a853.912$v22$zita 700 1$aPiromalli,$bAntonio$f<1920-2003> 801 0$aIT$bUNINA$gRICA$2UNIMARC 901 $aBK 912 $a990010009370403321 952 $a853.912 DELE/S 1$bBibl.44169$fFLFBC 959 $aFLFBC 997 $aUNINA LEADER 03333nam 22004333 450 001 9910989393003321 005 20250804225742.0 024 7 $a10.2867/788036 035 $a(CKB)38219852300041 035 $a(MiAaPQ)EBC32154386 035 $a(Au-PeEL)EBL32154386 035 $a(NjHacI)9938219852300041 035 $a(EXLCZ)9938219852300041 100 $a20250625d2024 uy 0 101 0 $aeng 135 $aur||||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aEIB Working Paper 2024/03 - Investment Decisions in a High-Inflation Environment 205 $a1st ed. 210 1$aLuxembourg :$cEuropean Investment Bank, Commission des Communautes europeennes,$d2024. 210 4$dİ2024. 215 $a1 online resource (52 pages) 311 08$a92-861-5802-5 327 $aInvestment decisions in a high-inflation environment -- 1. Introduction -- 2. Literature review -- 3. Data and trends -- 3.1. The EIBIS dataset -- 3.2. Operationalisation of inflation -- 3.3. Operationalisation of the cost pass-through rate -- 4. Methodology and results -- 3.4. Estimation strategy -- 3.5. Results -- 3.5.1. The direct effect of inflation on investment -- 3.5.2. The role of cost pass-through rates on investment -- 5. Conclusion -- 6. Appendix -- 7. References. 330 $aIn the 2021-2022 period, European firms have faced historically high inflation, with annual increases in consumer prices peaking at 11.5 % in October 2022.While the linkage between high inflation and investments is expected to be negative, through higher uncertainty, financial tightening, downward pressures on demand and worsening economy outlook, there are couple of drivers that can explain the positive investment dynamic during the recent high-inflation period.This paper shows evidence that investment decisions depend on firms' ability to pass higher costs onto consumers (the so-called pass-through rate). A high pass-through of costs lowers the immediate negative impact on profitability and internal sources are less affected.Moreover, the recent inflation spike has been strongly driven by the energy and other input prices that have pushed firms to invest in energy efficiency as a cost-saving strategy.As additional driver of the higher investment during the recent high inflation period, firms with a large reserve of cash accumulation or those with easier access to external financing may endure this high inflation environment relatively better. Liquid assets are more vulnerable to the negative impact of inflation and by investing it, its value might be protected from the devaluation amid accelerating inflation. European firms increased substantially their cash buffer in the period before the energy price shock, helped also by the massive COVID-19 liquidity support. The higher cash reserves might provide a buffer for the continuation of the investments or to engage in new investments of energy efficiency, as an adaptation strategy amid high energy costs. 606 $aInvestments 606 $aFinance 615 0$aInvestments. 615 0$aFinance. 676 $a332.6 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910989393003321 996 $aEIB Working Paper 2024$94400005 997 $aUNINA