Corporate finance, financial development, and growth

A great deal of empirical work has convincingly shown that there is a positive association between financial development and economic growth, and some recent work has even provided evidence that the former causes the latter. What is less clear is the identification of the actual transmission channel...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autor principal: Bebczuk, Ricardo Nestor
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 2001
Materias:
Ciencias Económicas
crecimiento económico
sistema financiero
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/3726
http://www.depeco.econo.unlp.edu.ar/jemi/2001/trabajo3.pdf
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-3726
record_format dspace
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
crecimiento económico
sistema financiero
spellingShingle Ciencias Económicas
crecimiento económico
sistema financiero
Bebczuk, Ricardo Nestor
Corporate finance, financial development, and growth
topic_facet Ciencias Económicas
crecimiento económico
sistema financiero
description A great deal of empirical work has convincingly shown that there is a positive association between financial development and economic growth, and some recent work has even provided evidence that the former causes the latter. What is less clear is the identification of the actual transmission channel. This paper is an attempt in this direction, with particular emphasis placed on the role of the financial system in alleviating informational asymmetries. While research in this field has highlighted the benefits of well developed financial systems, the observation that internal funds (retained earnings plus depreciation) constitute by far the main source of funds of the corporate sector has not gained any attention. We believe that the informational frictions that lie behind this phenomenon may be part of the missing empirical link between financial system and growth. In particular, we will show that such frictions create a financing constraint that reduces investment and growth.
format Objeto de conferencia
Objeto de conferencia
author Bebczuk, Ricardo Nestor
author_facet Bebczuk, Ricardo Nestor
author_sort Bebczuk, Ricardo Nestor
title Corporate finance, financial development, and growth
title_short Corporate finance, financial development, and growth
title_full Corporate finance, financial development, and growth
title_fullStr Corporate finance, financial development, and growth
title_full_unstemmed Corporate finance, financial development, and growth
title_sort corporate finance, financial development, and growth
publishDate 2001
url http://sedici.unlp.edu.ar/handle/10915/3726
http://www.depeco.econo.unlp.edu.ar/jemi/2001/trabajo3.pdf
work_keys_str_mv AT bebczukricardonestor corporatefinancefinancialdevelopmentandgrowth
bdutipo_str Repositorios
_version_ 1764820472599412739

Ejemplares similares