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Alternative Forms of External Finance: A Survey

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  • Claessens, Stijn

Abstract

The main purpose of this paper is to survey the existing literature on alternative finance (AF) and indicate the major research gaps. In this way, the survey may help to identify the factors influencing the flow of AF; provide analytical, and empirically supported underpinnings for policy work; and assess the amounts likely to be available. The focus of this survey is on aspects of country risks related to AF and the dispute settlement of international claims, domestic incentive schemes to attract foreign financing, the intermediation role of multinational firms and banks, and the supply side of AF.The survey thus investigates the incentives for individuals and firms, and, where necessary, takes into account the aggregate implications. The paper provides some descriptive statistics of AF and makes a comparison with traditional finance (TF). It identifies the key characteristics in which AF differs from TF and briefly reviews the factors motivating capital flows. The paper identifies the extent to which TF and AF differ in the factors motivating capital flows and to what extent the implications of these differences have been explored in the literature to date.

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Bibliographic Info

Article provided by World Bank Group in its journal World Bank Research Observer.

Volume (Year): 8 (1993)
Issue (Month): 1 (January)
Pages: 91-117

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Handle: RePEc:oup:wbrobs:v:8:y:1993:i:1:p:91-117

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References

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  1. Jonathan Eaton & Mark Gersovitz & Joseph E. Stiglitz, 1986. "The Pure Theory of Country Risk," NBER Working Papers 1894, National Bureau of Economic Research, Inc.
  2. Bond, Eric W & Samuelson, Larry, 1986. "Tax Holidays as Signals," American Economic Review, American Economic Association, vol. 76(4), pages 820-26, September.
  3. Froot, Kenneth A & Stein, Jeremy C, 1991. "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," The Quarterly Journal of Economics, MIT Press, vol. 106(4), pages 1191-217, November.
  4. Easterly, William R. & Wetzel, Deborah L., 1989. "Policy determinants of growth : survey of theory and evidence," Policy Research Working Paper Series 343, The World Bank.
  5. Errunza, Vihang R & Moreau, Arthur F, 1989. " Debt-for-Equity Swaps under a Rational Expectations Equilibrium," Journal of Finance, American Finance Association, vol. 44(3), pages 663-80, July.
  6. Eaton, Jonathan, 1987. "Public Debt Guarantees and Private Capital Flight," World Bank Economic Review, World Bank Group, vol. 1(3), pages 377-95, May.
  7. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
  8. Cohen Daniel & Michel Philippe, 1991. "Property rights on foreign capital and long-run growth," CEPREMAP Working Papers (Couverture Orange) 9106, CEPREMAP.
  9. Chris Doyle & Sweder Wijnbergen, 1994. "Taxation of foreign multinationals: A sequential bargaining approach to tax holidays," International Tax and Public Finance, Springer, vol. 1(3), pages 211-225, October.
  10. Auerbach, Alan, 1990. "The cost of capital and investment in developing countries," Policy Research Working Paper Series 410, The World Bank.
  11. Eaton, Jonathan, 1990. "Debt Relief and the International Enforcement of Loan Contracts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 43-56, Winter.
  12. Eaton, Jonathan & Gersovitz, Mark, 1981. "Debt with Potential Repudiation: Theoretical and Empirical Analysis," Review of Economic Studies, Wiley Blackwell, vol. 48(2), pages 289-309, April.
  13. Claessens, Stijn & Diwan, Ishac, 1990. "Investment Incentives: New Money, Debt Relief, and the Critical Role of Conditionality in the Debt Crisis," World Bank Economic Review, World Bank Group, vol. 4(1), pages 21-41, January.
  14. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
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Cited by:
  1. Gooptu, Sudarshan, 1993. "Portfolio investment flows to emerging markets," Policy Research Working Paper Series 1117, The World Bank.
  2. Goopu, Sudarshan, 1996. "The analysis of emerging policy issues in development finance," Policy Research Working Paper Series 1589, The World Bank.

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