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A Theory of Growth, Financial Development and Trade

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Author Info
Blackburn, Keith
Hung, Victor T Y

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Abstract

This paper presents an analysis of the joint determination of real and financial development. Privately informed designers obtain external finance for their research projects through incentive-compatible loan contracts. Contracts are enforced through costly monitoring activity which lenders may either undertake themselves, or delegate to a financial intermediary. The analysis establishes a positive, two-way causal relationship between growth and financial development. In addition, using a multicountry version of the model, it is shown how both financial and trade liberalization can accelerate the development of intermediation; only trade liberalization has a direct positive effect on growth, however. Copyright 1998 by The London School of Economics and Political Science

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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 65 (1998)
Issue (Month): 257 (February)
Pages: 107-24
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Handle: RePEc:bla:econom:v:65:y:1998:i:257:p:107-24

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This page was last updated on 2009-11-22.

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