Allow me to explain the reasons that have led to the particular choice of the topic of the conference. Everybody will acknowledge that investment is a key variable in economics.
Capital accumulation not only plays a pivotal role in determining the process of long-run economic growth, as was clearly evidenced by our previous international conference two years ago, but it is also an important driving force of business cycles. Although investment represents a relatively minor fraction of GDP, a major part of output fluctuations is driven by firms’ investment behaviour.